10/05/2019/15:00CET
#Bitcoin is showing amazing resiliance as we enter the powerfull resistance zone of 6000-6200. Lets take a look at the chart to see what could be in store.

BTCUSD Daily on Bitstamp

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We are trading at USD6271 at press time after a whopper of a run following the Binance hack.
Since the hack we have gained almost 10%
The hack had sent the price of #BTC into a few sharp downward plunges but they were aggressively bid back up.
We are now well extended from all the moving averages. A sign to be cautious.
I have show a bit more history in this chart to show that currently we are well into the support/resistance zone set up throughout the second half of last year. Another sign to be cautious.

Where to from here?

I gotta say, I think it is these times where TA can tell you what should happen, but it is still wrong. How much further can BTC be bid upwards?

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If we look at the market dominance chart. It is clear that BTC is taking the lions share of the bid at the moment. Where dominance was slowly depleting throughout this year, suddenly everyone is exiting alts and bidding BTC again. Is this a safe haven bid or is this a shakeout from the shitcoins back into BTC?

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As you can see in this chart, the "other coins" are highlighted and there is a definite downturn. XRP seems to be the only other of the large caps that is showing weakness.

Other factors

When looking to understand moves in the market that defy TA, a quick look at fundamentals is useful.

China vs US trade war is heating up again. I think it had never cooled down but Trump being a compulsive liar and showman, is finally running out of tricks to fool the masses and has to now take a hard line to show strength. Xi has to also show strength to his power base. So neither looks likely to relent as both of them need to save face. There seems to be no rational negotiation positions left. Not to be a doomsayer, but this sort of political theater has often preceded military action. We are living in precarious times. BTC may be catching some fear bids.
The Trade war is intimately tied to the only thing left holding up the US and global markets: optimistic sentiment. This resource is running awfully thin at the moment.
A growing number of banks around the world are showing difficulties in keeping positive sentiment alive. Deutsche Bank being the largest. This may be contributing to the shrinking of the safe haven bid options making BTC look more and more interesting
News underground is that the asks at OTC desks are drying up leaving the big fish desperate to get their positions in place before any more upside action in cryptos.
Australia is having a real cluster fuck play out in their housing market. Australia per capita is the most crypto aware country according to many measures. Could the Aussies be getting nervous enough to want to put a little aside out of the tradition banking system just in case!.
Back to China, there is again a tightening of capital controls to stem leakages. The Chinese may be forced to counter US tariffs by devaluing the Yuan suddenly. This action has always spurred flight of capital offshore.