All explained in detail on the graph but the simplification of the economic dynamic:
Major world market index over the last 12 Months have been highly correlated with BTC (exceptions do take place).
On Friday the 3rd August 2018 Chinese stocks ceded their ranking as the second-largest equity market in the world amid an elevation in trade tensions after the Trump administration said it was considering increasing the initial proposed tariff. Given China and Asian markets are major contributors to the value that BTC holds, BTC has taken a tumble despite US equity markets being on the rise.
Chinese markets will open in a few hours. One would hope considering they are at almost a one year low and under a temporary trade war that a knee jerk reaction will cause an influx of capital across the markets (US markets could be an exception).
In my opinion an exponential recovery of Bitcoin is imminent. The suppression of BTCUSD is from a number of temporary factors. I would consider this another buy opportunity.
Major world market index over the last 12 Months have been highly correlated with BTC (exceptions do take place).
On Friday the 3rd August 2018 Chinese stocks ceded their ranking as the second-largest equity market in the world amid an elevation in trade tensions after the Trump administration said it was considering increasing the initial proposed tariff. Given China and Asian markets are major contributors to the value that BTC holds, BTC has taken a tumble despite US equity markets being on the rise.
Chinese markets will open in a few hours. One would hope considering they are at almost a one year low and under a temporary trade war that a knee jerk reaction will cause an influx of capital across the markets (US markets could be an exception).
In my opinion an exponential recovery of Bitcoin is imminent. The suppression of BTCUSD is from a number of temporary factors. I would consider this another buy opportunity.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.