General Market Recovery
Hello Steemians!
The momentum in the crypto continue to the downside, however, the global broader financial market is staging a recovery. In response to that the crypto market, which is basically BTC these days, is trying to fashion a bottom. Let us have a look:
Looks like on Nov25, 2018 BTC have found a temporary bottom around 3450 and rallied from that to above 4000. It is currently consolidating and digesting the move around that area. If this bottom holds then there is possibility of a Christmas rally. Interestingly the correlation of different asset class is the highest at the moment. Similar bottom and rally is also noticed in the global stock market as shown by S&P 500 Index.
In the SPX chart above the same bottom can also be seen on Nov 26. Market was closed for Thanksgiving holiday over the weekend. A sharp rally can be seen from that day onward. US stock futures are currently sharply up on the news of a trade deal with China, and looks like there could be a Christmas rally in place.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, which is a free service.
Can it go up to $7000 by end of the year?
anything is possible, but unlikely
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