Screenshot-2020-09-14-at-10.34.30-AM-300x176 ZYTrade Technical Snapshot - Bitcoin Futures (BTC)

Just a quick and simple note on BTC. The recovery from the BTC’s August plunge is looking to meet resistance at around 11,200, the 50% Fib retracement at [1], making it somewhat a near-term dead cat bounce. Note the weak volume driving the upside at [2]. If this turns out to be the case, likely support may be found at the 9050 range [3]. As for the fundamentals driving BTC, who the heck knows?

 

Are we seeing a fear trade, one driven by the dollar’s decline?

Screenshot-2020-09-14-at-10.42.45-AM-300x176 ZYTrade Technical Snapshot - Bitcoin Futures (BTC)

If so, we’re seeing BTC outperforming gold and underperforming silver. As BTC is not a traditional component of “sound money,” hence a speculative safe haven of sorts, are we seeing yet another sentiment-fueled Bitcoin Bubble?

 

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