About 10 weeks ago, Coindesk discussed a dual-top to Bitcoin (BTC) inversion model, warning of a sale at $ 75,000 in a movement typical of a bull shot.
On Monday, the price dropped below this level while the climbing of trade tensions created the financial markets, sending Dow Jones Industrial with an industrial contract less than 900 points. According to the theory of technical analysis, the sale of BTC could lack steam between $ 70,000 and $ 75,000, as discussed in January.
In addition, the Australian dollar (AUD), a currency of goods particularly vulnerable to global trade tensions led by Trump, offers hope for cryptographic bulls. The Aud / USD pair is given to 0.6011 after falling as low as 0.5930 earlier on Monday, according to data source tradingView. The couple was the worst blow on Friday, falling by more than 4%, a big decision for a national currency.
When trade tensions increase, the currencies of the nations involved in the battle generally react quickly due to the expected changes of trade sales, economic conditions and expectations of interest rates. AUD is one of these currency. As the original Curm of Commodity Export Australia, it is considered a proxy for China, one of the largest customers in the country. Thus, the strong resumption of the AUD could be a sign of sale led by prices reaching the peak.
That said, fishing at the bottom in a declining market is similar to the capture of a falling knife, a risky strategy.
