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Crypto Industry News:
For the first time in history, a huge drop in oil prices can be observed, the largest since 1983, while Bitcoin's value remains at USD 7,000. One BTC currently reaches 600 barrels of black gold
According to today's market data, WTI barrel contracts that expire in May lose 36% of their value during the day. Their value is $ -36.37.
It seems that despite attempts to reduce supply, oil markets may reflect the prognosis of Bitcoin supporters and fall even lower. At the same time, the gap between the futures contracts for May and June has widened, which means that despite this change, there is still a belief that there will be a large increase in the price of black gold. This was not enough to avoid unexpected situations on the oil market. On Monday, Western Canadian Select even managed to break into negative prices.
The crypto industry is amused about the situation. CasaHODL co-founder Jameson Lopp wondered on Twitter:
| How long will Antminer S9 work with 1 barrel of oil? "
Others noticed that even 1 Ethereum reached over 15 WTI barrels, while the variability of black gold was clearly visible compared to other macro assets. Over the year, the WTI ratio fell by as much as 64%.
Technical Market Outlook:
The Doji candlestick pattern that has been made at the top of the move of BTC/USD over the weekend has again proved to be the profitable signal as the Bitcoin rate dropped towards the main channel upper boundary line recently. The bears have managed to push the price lower towards the middle of the range as the local low was made at the level of $6.706. The momentum is decreasing and moving into a negative teritorry, so the bears might extend the move down again. Please watch the level of nearest technical resistance located at $6,908 to invalidate the downward scenario.
Weekly Pivot Points:
WR3 - $8,288
WR2 - $7,759
WR1 - $7,459
Weekly Pivot - $6,596
WS1 - $6,675
WS2 - $6,137
WS3 - $5,855
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.
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