On July 31, we witnessed the growth of Bitcoin, which followed the announcement of the Fed to lower interest rates for the first time since 2008. Some analysts have already managed to make predictions about the positive impact of this decision of the American central bank on the dynamics of the first cryptocurrency, in particular, this statement was made by Tom Lee.
According to supporters of this hypothesis, lowering the interest rate will lead to a weaker dollar, which speaks in favor of the fact that it will be unprofitable for investors to hold it. However, given the fact that this happened for the first time in the entire history of Bitcoin, any forecasts and expert conclusions should be approached with extreme caution.
Interest rate down and further cuts coming. Lower rate = fewer reasons to hold USD. Buy #bitcoin
– Alan Silbert (@alansilbert) July 31, 2019
If we talk about the technical picture, then yesterday, on a 4-hour chart, the price of Bitcoin in high volumes broke through the downward triangle, rising above $ 10,000.
CoinDesk Markets Information
This happened after the long-tailed doji was formed on July 28, which confirmed the theory that the correction from the $ 13,000 mark came to a logical conclusion, says CoinDesk Markets analyst Omkar Godboul.
According to the analyst, over the next two days, the price of Bitcoin can conquer the mark of $ 10,500 (50-day MA), but bulls can take control of the market only if they manage to consolidate above $ 11,120 on the daily chart, the expert concluded.
If the price falls below $ 9,574, then the entire layout may lose relevance, added Godboul.
Subscribe to BlockchainJournal news on Facebook !
BlockchainJournal.news
BlockchainJournal.news
