Greetings,
For now it looks as though the party is over and Crypto may be looking into the eyes of it's winter. Every 4 years Bitcoins halving tends to create excitement and kicks off crypto's "bull run".
What is a Bitcoin Halving? Simply put, a Bitcoin halving is the process of halving the rewards of mining Bitcoin after each set of 210,000 blocks is mined. By reducing the rewards of mining Bitcoin as more blocks are mined, a Bitcoin halving limits the supply of new coins, so prices could rise if demand remains strong.
We've had 6-7 weeks of BTC price action in the red, which has led us down to 33.5K (current price). We cannot see any sign of a bounce just yet, expecting to find support in between 31-33K, where we will have some time (5-15 days) of sideways action and a possible break down in price depending on world markets & events.
BITCOIN CORRELATION with tech stocks & the NASDAQ is something to note in today's markets. We've previously used the Nasdaq as a key indicator to predict a bullish future, so it makes sense to use it to predict a bearish future. Expectations for a series of interest rate increases by the Federal Reserve in coming months have weighed heavily on tech stocks recently.
USDT.D chart
In territory in has only been a couple of times. Watching this chart very closely as it may be an indicator to use for a trend reversal.
I'm really interested to hear what my readers thoughts are ðĪðĪ
Remember, nothing is guaranteed, control the controllables.
Mogues
For now it looks as though the party is over and Crypto may be looking into the eyes of it's winter. Every 4 years Bitcoins halving tends to create excitement and kicks off crypto's "bull run".
What is a Bitcoin Halving? Simply put, a Bitcoin halving is the process of halving the rewards of mining Bitcoin after each set of 210,000 blocks is mined. By reducing the rewards of mining Bitcoin as more blocks are mined, a Bitcoin halving limits the supply of new coins, so prices could rise if demand remains strong.
We've had 6-7 weeks of BTC price action in the red, which has led us down to 33.5K (current price). We cannot see any sign of a bounce just yet, expecting to find support in between 31-33K, where we will have some time (5-15 days) of sideways action and a possible break down in price depending on world markets & events.
BITCOIN CORRELATION with tech stocks & the NASDAQ is something to note in today's markets. We've previously used the Nasdaq as a key indicator to predict a bullish future, so it makes sense to use it to predict a bearish future. Expectations for a series of interest rate increases by the Federal Reserve in coming months have weighed heavily on tech stocks recently.
In territory in has only been a couple of times. Watching this chart very closely as it may be an indicator to use for a trend reversal.
I'm really interested to hear what my readers thoughts are ðĪðĪ
Remember, nothing is guaranteed, control the controllables.
Mogues