Hi HODLers and Bitcoin lovers,
On this memorial day for US citizens, Bitcoin is posting strong gains of c.5%.
One of the main reason would be that Asian Stock Market is going up amid reports that major Chinese cities have started to ease coronavirus restrictions after months of strict lockdowns.
This is a great news as this has increased inflationary pressure following a chain nightmare!
As seen below, the $29,500 support seemed to have been holding strong for the entire month of May.
As an analyst form FXPro said:
“It will be premature to talk about a bullish counteroffensive until bitcoin gets above $30,600, its horizontal resistance line since mid-May,”
My two scenarii:
- Stock Market goes up again, inflation is under control and the Ukraine/Russia conflict does not spread/worsen => Bitcoin and Crypto will shoot up and we might call these levels the "bottom" later on.
- Stock Market goes lower, inflation still runs high, fear of recession drive layoffs and economic pain => Bitcoin goes lower and therefore this is not the bottom.
For fun, 2 weeks ago, I had put a $10 Bitcoin Buy daily on one of these FinTech app. For the first time, I am in positive territory!
I almost wished I could have had more time hehe :D.
Stay safe out there and if you are not sure, always Dollar Cost Average (DCA)!