Today, it is important to note that Crude Oil has experienced one of the major blows in 2 decades as the consumption plummets to almost nullifying need due to lockdown. Well, people believed Bitcoin and cryptocurrencies are the most volatile form of investment assets. Today, I believe the fact that traditional investments are doing no good either. As the investments face massive selloffs, Bitcoin is holding strong support with intermittent volatility, which happens to be the nature of investments.
Day 537
US crude oil futures plunged below $0 into negative price
Would you call Oil as a “Ponzi”, “Scam”, “No intrinsic Value” etc due to this?
The last few months have made it clear that traditional markets aren’t “stable” either
Let Crypto builders build#IndiaWantsCrypto
— Nischal (WazirX) ?? (@NischalShetty) April 21, 2020
As per the young and determinant CEO Nischal Shetty, Crypto is at least standing through its support and not facing a set back due to the effect of the pandemic or the lockdown. Well, we think crypto being a decentralized investment asset, is holding a positive point against the global crisis.
Bitcoin Price Analysis
On an intraday chart, Bitcoin breached the previous week’s uptrend on the bygone weekend and failed to retain support as it slid below $7k. However, now the major support lies around $6.7k, and a quick rebound is a must for BTC to remain bullish as the halving is in less than a month. The investors seemed to be quite vigilant as the MACD immediately held a bullish divergence after a bearish hit to $6.8k around the closing hours yesterday, $7.2k is the major resistance to watch out for, and RSI lies at 40.46 after rising from the utter bottom at 30.
