Bitcoin (BTC) Technical Analysis: World Financial Markets in the Red, Bitcoin on the Move - Is Something Happening Here?
Cryptovest
Published Dec 18, 2018 01:18PM ET
Updated Dec 18, 2018 02:44PM ET
Bitcoin (BTC) Technical Analysis: World Financial Markets in the Red, Bitcoin on the Move - Is Something Happening Here?
The crypto market is finally back in the green as Bitcoin makes a triumphant return above $3,600. Yesterday we saw the #1 cryptocurrency bank a 13.8% gain after bulls were able to successfully break out of a 22-day falling wedge pattern - driving BTC up $450 to $3,750 before correcting. This sudden turn-around in crypto market performance has come at a very interesting time as the wider global financial markets battle to break out of an uncharacteristically bearish period. Growing concerns of a ‘slowing global economy’ and increasing political uncertainty from the United States and China trade dispute has spread across the globe, causing the Asian. American, South American and European markets to slide in unison yesterday. According to a recent report by CNBC,
“The Dow and S&P 500, which are both in corrections, are on track for their worst December performance since the Great Depression in 1931”
Even oil has plummeted below $49 per barrel in response to the weakening global economy.
So why is this important?
Yesterday, when the world’s financial markets experienced one of the heaviest, most widespread bear ma...
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