We have to be honest; this morning's slide in Bitcoin has a bit concerned. Bitcoin ( BTC ) futures (BTC1) are started to slip below a critical inflection point near 8500. 8500 is the location of a gap from back in June. 8500 seems to have acted as an important inflection point in Bitcoin's recent past.
We also notice that Bitcoin ( BTC ) is falling in conjunction with equities. This modest dual decline may because the meeting between Fed chairman Powell and President Trump did not produce expectation of lower rates, and hence a weaker U.S. Dollar. So, if Bitcoin ( BTC ) was looking for a bump off that meeting, it did not get it.
This price action doesn't change our research thesis that a Bitcoin ( BTC ) rally could be a 2020 phenomenon.
We also wanted to bring up a bit of history. We remember in 2017 that there was a massive move in Bitcoin ( BTC ) near the Thanksgiving holiday. We do think history can repeat. We hope that Bitcoin ( BTC ) has recovered a bit by Thanksgiving. The move in 2017 was in the direction of the uptrend, and we would not want to see Bitcoin ( BTC ) sinking into that holiday.
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