Bitcoin to collapse
Yesterday OPEC decides to reduce OIL production by 10 million barrels per day, while the market was waiting for more and deeper reduction to balance the market, SO we saw a reverse in Oil price from positive to negative. But why Bitcoin is moving lower after this announcement?
For a long time, we are noticing the very deep relation between Bitcoin and Oil price and USD.
The relationship was always Positive but sometimes could change to the inverse relationship.
In Jan 2020 – 3 months ago – we started to notice bearish signals from Bitcoin especially when the stock market collapse due to COVID 19. Bitcoin also collapsed more than 55% from the higher price at 10300 USD – Telegram followers got selling recommendations before that.
Our prediction is still valid – now become more likely to happen soon – Bitcoin must visit 1400 USD sooner or later this year or this quarter.
So if Bitcoin breaks and closes a daily candle below 6600 USD then the door will be open the final target at $1400.
From the chart above it is really obvious that BTC is created a bearish flag pattern, and just waiting to break below $6600 to activate it.