Are BITCOIN & STOCKS FOOLING You This Month? 🤡 Quarantine Manipulation — 26M Unemployed
Bitcoin broke the $7,500 resistance level as equity markets trade sideways. Let’s take a step back, and look at a rational perspective, using newly released on-chain metrics showing a contradiction.
After topping out around $7,500 in early April, Bitcoin can not decide where to go as it has been trading sideways for the last 3 weeks. This has caused frustration between those who want long term entries, and those trading the trend, as it has kept both on their heels with unpredictability. The truth is, not much has changed since the start of the month, and the $6,500 to $7,500 range stands true.
I believe a big reason for this is the growing uncertainty of equity markets due to the global lockdowns that are still in place. With equities consistently rising since the drop, the big elephant in the room is ‘why?’.
You can expect more volatility in the next two weeks as more companies announce earnings. Gold has also been in a standstill after breaking the major resistance above $1,700. We will be waiting to see the ultimatum as more fundamentals become clear. I believe this will only happen once economies begin opening back up so we can see what’s left after the dust settles. We made our long term entries clear early last month for Bitcoin positions at 5750 up to 6750.
We are hoping for another leg down to get further entries, however, only time will tell. We will continue trading the day to day volatility as always to make the most out of these markets. As of lately, equities and currencies have brought forth tremendous opportunities that we have fully capitalized on. We are seeing more volatility in these markets than crypto in some cases.
This is how markets work, they ebb and flow so one market will be more opportunistic than others until they switch and fluctuate. Thankfully we cover all markets to ensure every opportunity is exposed to our TPC family.