BTC has had a good week. Even though it has not broken through the $11,800 level, it has outperformed the USD and especially the US stock markets. That is a sign of strength.
Consider these 4 hour charts of BTCUSD and S&P 500 put next to each other:
As we can see BTC bounced back from the drop last week and is at the moment up over $1400 from the weekly low. S&P 500 reached a high of 2788.00 on Tuesday and has since fallen hard. It has, in fact, dropped more than 1400 points!
So even though the rally of BTC is not that impressive it has relatively speaking been stronger than USD and much stronger than the US indices. In terms of macroeconomics that is a sign of strength, and it signals possible future strength. The fact that BTC did not follow suit with other markets against the dollar is promising.
USD calendar
Next week is the monthly job numbers week in the US. This can potentially move BTCUSD strongly, up or down depending on the numbers.
- ISM Non-Manufacturing PMI - Mon March 5 at 10 EST
- Non-Farm Employment Change - Fri March 9 at 8.30 EST
Happy trading!
This is not financial advise, everybody is responsible for their own trading. I am just sharing my own analysis of the markets.