Cryptocurrencies are quickly being recognized as "safe haven" assets

in #bitcoin7 years ago

For the past 2 weeks, the dollar has been getting SLAMMED and I don't think it is going to stop. In the DAILY chart (of ticker "UUP," which tracks the dollar) I've provided below (each candlestick represents one day of trading), there are 2 moving averages I would recommend you pay attention to. The 50 day moving average (pink dashed line) and the 200 day moving average (green line). At any given moment, where these moving averages are relative to each other could be quite indicative of future price action. The moving averages seem to be approaching a "death cross," where the 50 and 200 day cross in such a manner where further losses are probable.

Screen Shot 2017-05-22 at 2.12.35 PM.png

Meanwhile, BTC and ETH are breaking new record highs; this is perhaps indicative of a change in sentiment. People are substituting away holding currency backed by nothing, for decentralized alternatives.

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I couldn't agree more, great analysis. It's only a matter of time before the dollar becomes obsolete. ( ͡° ͜ʖ ͡°)