INTRODUCTION

We live in a crazy world that get caught unprepared for this pandemic crisis, in America just some shocking news today says that last week the new unemployed are 2,98 million  citizen more than the week before (last number was -3,17 millions more), the expectation was for -2,5 millions new unemployed.

Now the total number of unemployed in the biggest  country in the world (as GDP) are  more then 23 millions people that mean a whopping rate of over 14%, Goldman Sachs expect that this rate will increase at 25% in the short term for stabilize at 15% at the end of 2020.

All seems upside down, and also an old glory (now a dinosaur) as General Electric  is trading at the historical minimum.

Also the WTI (American oil) is very volatile in this weeks as I reported in this posts (post 1 and post 2).

In all this crazy environment we just lived a rare event (the halving) that catch a lot of expectation for Bitcoin, many of us was waiting for the big jump and some of us was sure of the opposite, the reality was that nothing really happen that day, now we can appreciate a pretty jump on Bitcoin quote (at least the last 48 hours).

As always is important take a look at the situation as the last two days give a jump to the  king of crypto market, we saw a minimum at 8.750 Dollar and a pump till 9.940 Dollar that was pretty impressive as the 4 session before that we was dumped till 8.100 Dollar.

Revisiting the 10.000/ 10.500 Dollar resistance is a very important thing for the medium term trendline that was touched on last drawdown making the trend we draw even more solid (see the chart), now we can expect a testing to the 10.000 with a cool battle between the bulls and the bears, lets notice that we are very close to the maximum of the pre covid19 selloff.

For the near future we may find an important resistance around 10.000/ 10.500 Dollar, next level we may pay attention is 10.900 that can be reached pretty fast in case bulls won the 10k battle, the next stop may be 12.000 Dollar but at that point the danger of a push back is pretty high.

In any case we may expect a great push up with a next phase of consolidation for appreciate a solid uptrend.

We never know if the bears have the strength to win this battle than is better be prepared with a support levels to increase our position or just to check out Bitcoin reaction, at around 8.100 and at 7.770 Dollar we find a couple of serious support that must handle the selling pressure, if those levels will break than we may see some serious down trend.

At 6.900 dollar there is a pretty solid support but we must hope to not reach this level as the ascending trend that we live now would be whipped out and we will need to rebuild a new positive trend, at around 7.000 Dollar there could be a hell of a volatility too as the investor would see too close the last minimum levels (the “Covid19 drawdown” trend).