A $9,800 Bitcoin is Possible After Overnight Upside Rejection: Analyst
“SuperTrend is now flipping bearish and looks to be ready to correct as predicted,” the analyst noted, adding that he has closed most of his spot Bitcoin positions with expectations to open them later at lower levels. That is, at least, possible due to supportive macroeconomic fundamentals, such as the recent weakness in the US dollar index.
If Mr. Mnuchin commits that the stimulus deal will reach a conclusion, then it might leave the US dollar under additional stress. Nevertheless, a fundamental misfire, such as no clarity from Mr. Mnuchin on the stimulus deal, could lead the pair to play the downside scenario towards $10,000 – and below.