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Is Bitcoin Bear Market Done

Is bitcoin Bear Market Done? Some financial and economic publications around the world have described the recent collapse of US stock markets as “the shortest downturn in history” and point out that the effects of the Coronavirus outbreak are on the decline. But has the record really been removed from the world economy?

US markets have regained their lives thanks to the Federal Reserve’s stimulus policies and a $ 2 trillion backing package, according to CoinDisk. The Dow Jones Industrial Average has risen 23% since March 23, reaching its lowest level. The S&P500 has also climbed about 20% since then. However, it is too early to draw conclusions about the effects of Covid-19 and its global outbreak.

The Australian Stock Exchange Index ASX200 and the Japan-based Nikkei Stock Exchange fell 31% and 21%, respectively, to their highest levels in February (February), before the conditions deteriorated. They had registered.

The Australian government has taken tougher measures to contain the disease. The prime minister has banned more than two people from gathering. The decision has also been approved by the Australian National Cabinet. Australian authorities have formed a national cabinet to fight the disease. This cabinet is made up of the heads of Australian states and the Prime Minister.

So far, the ASX index has not responded strongly to the prevalence of Covid-19 disease and experienced a 2.3% growth on the day it was announced. However, the pressure to cause a collapse is quite evident. If the Australian Government’s policies and strategies work, this indicator should be followed by a steady jump over the course of a day during the current week.

(Jehan Chu, co-founder, and chief executive of Hong Kong’s Chinese blockchain company Kenetic, said in a statement:

Despite the problems of the Corona era, this is the time when we learned to be fully digital. While all markets are marked by a long, hard winter, the positive thing about lightness is the telework. Its epidemic is definitely an accelerating factor in turning the digitalization experience into a mainstream.

Cho added:

From going to church to parties, from meditation sessions to children’s games, digital experiences are becoming a common issue in different parts of society. This experimental phase, created by a survival instinct, guides the public toward a future that digitizes the first word.

Among the commodities, oil traded at a record low since February 2002. Gold, which has lost half a percent of its price in the past three days, is experiencing sharp fluctuations due to uncertainty. The price of an ounce of gold is currently trading at $1616.

The convergence of two moving averages in long-term time frames-bitcoin

It seems like breaking the $6900 resistance for Bitcoin has become a big challenge. The king of digital currencies last week experienced a $1000 drop from its weekly high and is currently trading at $6300.

On the other hand, the two long-term moving averages (MA100) and 1-day (MA200) are reuniting, and we are likely to see a more severe fall than the February 13  crash. In this case, bitcoin behavior will be similar to that of the gold market.

The last time the two moving averages intersected was November 2019. At that time, the bitcoin price jumped from $8500 to $6425, which was at the bottom of the digital currency.

On the other side of the market, Ripple has experienced a 3.6% fall over the past three days. Ethereum is currently down 4.1% from its March 271 low, trading at $131.

If global markets are to be shielded from a sharp downturn, market sentiment should “change” in the positive direction next week. Over the past week, the one-day price peaks have been lower in almost all markets than in previous weeks. Negative signals have been attributed to technical traders.

Global news is changing rapidly in response to news of the coronavirus, and fears and ambiguities in various markets are unlikely to disappear anytime soon.

About Sean Patterson

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