Looking at the listless range in Bitcoin, we are beginning to think Bitcoin (BTC) is going to need some help to get going again.
We saw a tweet yesterday suggesting that every time the Fed lowers interest rates, they are effectively trying to devalue the Dollar. According to the person that wrote the tweet, each drop in interest rates is an advertisement for Bitcoin (BTC).
We like this idea so much we turned to the chart of the U.S. 10-year Treasury yield. The 10-year yield is a key interest rate barometer. As it turns out, we see some Elliot Wave structures and horizontal resistance that hints the rise in rates is over. Also, a sharp drop in interest rates is possible. Under that scenario, Bitcoin (BTC) could move higher.
Bottom Line: We are all just waiting. If falling rates help Bitcoin (BTC), help may be on its way soon.
We saw a tweet yesterday suggesting that every time the Fed lowers interest rates, they are effectively trying to devalue the Dollar. According to the person that wrote the tweet, each drop in interest rates is an advertisement for Bitcoin (BTC).
We like this idea so much we turned to the chart of the U.S. 10-year Treasury yield. The 10-year yield is a key interest rate barometer. As it turns out, we see some Elliot Wave structures and horizontal resistance that hints the rise in rates is over. Also, a sharp drop in interest rates is possible. Under that scenario, Bitcoin (BTC) could move higher.
Bottom Line: We are all just waiting. If falling rates help Bitcoin (BTC), help may be on its way soon.
