By 2020, it is fantastic to have started for bitcoin. On 3 January, the bitcoin share price by more than twenty per cent. This increase can be partly explained by technical analysis. But, in fact, the increase is not to be divorced from the political tensions between the united states and Iran. Is bitcoin seen as safe haven in times of uncertainty?
Bitcoin as a safe haven
Before bitcoin existed, it was a simple one. There is a political conflict, then, is a rise in the price of gold. Investors look to gold as a safe haven, a beleggingsmiddel that you can see in the global political arena.
However, since bitcoin is similar cryptocurrency will also play the role of a safe haven to take them. On the 3rd of January, the Iranian general Soleimani died due to a terrorist attack in the usa. The same day, did not stop the declining trend of the bitcoin and the increase in the market price by more than twenty percent of the time.
During the night it increased the bitcoin exchange rate even when it was discovered that Iran’s missiles have been fired at two Us air bases in Iraq. It is almost impossible to get the price right-to-associate with these events, but the timing of it is quite eye-catching.
Also, the gold allows for the same movement to be seen. But for gold, the movements are smaller than with bitcoin. To put it in perspective, around 2019, the price of gold by more than twenty per cent. Bitcoin did last year, only a couple of hours.
In technical analysis, the stock price is breaking out of
When we look solely at the rate, we can see that the bitcoin exchange rate from the channel is broken. These are two parallel, current-trend-line. This outbreak has been an important development for the channel, it is already five (!) months to be seen in the graph below.
Due to this outbreak, we may in our eyes be careful to focus on the capacity of 9,500 u.s. dollars (8.500 euro), as well as the blue bar in the chart.
The share price broke through a resistance. The line across the chart is the 100-day Moving Average. That is, a moving average over the past one hundred days. You will benefit from this trend such as dynamic resistance and support.
Then, when the bitcoin exchange rate in 2019 is not convinced by this line and broke it, and gave the signal for the start of the increase to a total of 14,000 dollars (12.200 euros, the first green arrow). In October of 2019 and worked with the bitcoin not to be the result of the 100-day MA to be broken, and that, in spite of a growth rate of 40 per cent in a single day. Hereinafter referred to as slid for the price to go back to 6,500 to the dollar (5.800 euro). Currently we are using the red arrow.
Now, it seems that the resistance has to be broken. This Is the start of a new bull run?