Approximately 10 weeks ago, Coendesk discussed a double bearish investment pattern in Bitcoin (BTC), warning of a $ 75,000 settlement in a typical movement of a retirement from the bull market.
On Monday, the price fell below that level as commercial tensions increased financial markets, sending futures of the lowest Dow Jones industrial average by 900 points. According to the theory of technical analysis, the sale of BTC could run out of steam between $ 70k and $ 75K, as discussed in January.
In addition, the Australian dollar (Aud), a basic products currency particularly vulnerable to global commercial tensions led by Trump, offers hope to cryptographic bulls. The Aud/USD torque has recovered at 0.6011 after falling as low as 0.5930 on early Monday, according to Data Source TrainingView. The couple was the worst blow on Friday, falling more than 4%, a great movement for a national currency.
When commercial tensions intensify, the nations coins involved in the fight generally react rapidly due to the expected changes in commercial balances, economic conditions and interest rate expectations. The audience is one of those currency. As a home currency of the Basic Products of Australia, it is considered a proxy for China, one of the largest customers in the country. Therefore, the strong recovery in the AU could be a sign of tariffs led by a climax.
That said, fishing in the background in a market that falls is similar to catching a falling knife, a risky strategy.
