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Bitcoin Technical Analysis: Can The Oil Slump Crash BTC? (April 2020)
The recent oil crash is one of the most important developments in the last two decades. The 4H chart for WTI Crude Oil (USOIL) shows that the price of oil is at the lowest level it has been in 21 years and this is not even the floor. The price is very likely to decline below $10/barrel but it might not happen straightaway when everyone is expecting it now. We have previously seen that major slumps in the oil market have led to short-term upside before the downtrend ensues. Something similar might happen this time which is why we think BTC/USD and the rest of the cryptocurrency market might still be headed for further upside before the next major decline.
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โถ Coinbase Website: Coinbase.com
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