WTF is going on with Bitcoin? Why we (probably) shouldn't worry. A non technical look at the #Bitcoin Chart & USD inflation.

almost 3 years ago

The USD and inflation concerns

The USA citizens and Wallstreet Traders are still the largest 'crypto consumers' in the world, by a long way. However the strength of the USD is suffering due to inflation, which is causing many people to sell out of what they deem to be riskier tech stocks.

⬆️ With the USA printing a lot of USD to fund their Covid Relief bill & other social relief funds, inflation in the USA is at a high level ⬇️

The Buying Power of the USD has dropped almost 5%

Why does this matter? Read this brief explanation from Nasdaq.com ⬇️

Hopefully the relief bills help to stimulate the USA economy, which is the intended plan, but only time will tell.

With many countries relaxing their covid restrictions we may see a surge in trade the world over, as 2022 is looking like the year when the Earth returns to some semblance of pre-covid normality.

Some good news 📰

We are at the Bitcoin Monthly Support Level ⬇️

This would usually be a great buying opportunity as the monthly middle EMA (pink line) is a HUGE support level.

I would advise you to trade carefully though as we are at a precipice with Bitcoin, and global trading markets are still very spooked (by USD inflation + covid + risky tech stocks in general).

$Hive is one of this best performing coins today ⬇️

Screenshot_20220124_113451_com.binance.dev.jpg

I am converting some HBD to $Hive

as this is a huge support level for Bitcoin and I think $Hive will go up from here, at least over the next few months.

As always I advise you to do your own research & technical analysis (if you have the skills 🚀) ➡️ Take profits and convert them to stable coin so that IF the Crypto Markets suffer a major crash, you will be able to buy at the bottom and potentially change your life when the Bitcoin Engine fires up again 🔥

When to sell out for Stable Coin?

If we drop below Bitcoin's support level of $29k and continue to fall, I will start looking at selling out a percentage of my Blockchain assets for stable coin. I will be looking to buy at the bottom.

#Trade wisely, #Game hard. Please buckle up when travelling within the #hivechain 🚀 Trade safely on the #hive-engine

THE END

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