I'd might be wrong, obviously, but I am not really convinced about an eventual pump on the market due to the BITCOIN Halving event in the short term time-frame.
I know it happened always before, there is a halving and immediately after we can make official the entrance on the BULL cycle...but nowadays, with all this mes on the coronavirus the economical conditions have changed substantially.
What is clear is that, at least, BITCOIN is performing much better than the rest of the traditional markets, which is good and reinforce the idea of using BTC as a Value reserve.
Just 12 days left for the BITCOIN Halving and despite that today we are seeing some nice movements up, the volume on the daily is not really increasing substantially and also we are reaching the upper limit on the RSI indicator which means Overbought condition.
As you can see in the chart below, BTC has been "dancing" inside this ascending channel formed by the two orange lines since more than one month in a half.
Currently testing the upper one.
For the moment, it does not look that FRESH FIAT is entering in the market.
However, the effects of the scarcity promotion due to Halving will appear later on, once miners and the whole market will set the conditions for the new reward rate.
In the meantime, I am trading that channel, scalping and playing accumulating some additional BTC to one already bought at 4000 USD.
What about you? What's your strategy?
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
As soon as hyperinflation starts showing up, more and more whale investors will start purchasing assets like gold and BTC to secure their fortunes. This will be the real catalyst together with halving.
Just as of today a new country started suffering hyperinflation; People breaking into Banks in Lebanon
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I have always know that the Bitcoin halving will help the Bitcoin to rise up but will be happy to see the price maintain
@toofasteddie, why do you think that Bitcoin is performing better than the other financial markets?
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I was expecting a major impact on BTC due to the covid issue
Yep, that’s a what I’m observing as well
I agree with you, I thing absolutely like you