Breakouts Could Act as Bull Traps

Breakouts Could Act as Bull Traps

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Hi Crypto Academy Network, Although crypto investors believe that Bitcoin is an uncorrelated asset and a store of value similar to gold, its recent price action has been closely correlated to the US tech stocks. According to data compiled by Bloomberg, Bitcoin’s 40-day correlation coefficient with the Nasdaq 100 is close to its all-time highs, indicating that Bitcoin is behaving as a large tech company. We had mentioned in our previous analysis that Bitcoin is likely to face stiff resistance in the zone between £32,382.23 and £34,031.76 and that is what happened. The BTC/GBP pair dropped to the 20-day exponential moving average on February 14, which has acted as strong support. This suggests a change in sentiment from sell on rallies to buy on dips. KEY TRADING LEVELS ETH TRADE XRP TRADE BTC TRADE Top Content This Week! Russian government and central bank Crypto Twitter Reacts to FTX, Coinbase Coinbase Plans 2K-Employee Hiring Top Article This Week! Addressing HPC Challenges on  bitcci, Blockchain platform redefining BitShiba: Invest safely in a community Earnings Disclaimer The information you’ll find in this email is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgment and perform due diligence before using the information in this email. Your success is still up to you. Nothing in this email is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. We also recommend that you check all UK laws to make sure you are in compliance when you create your online business. If you break the city or other local laws, we will not be held liable for any damages you incur

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