We’re seeing the first signs of a reversal in the bitcoin market and last night Xbit took a long position.

Xbit signaled an attractive entry point a couple of days ago, but the Xbit Strategy Team overruled the signal. However we’ve received another signal from Xbit and this time we’ve approved it because:

  • Bitcoin’s price rebounded shortly after filling the CME gap near $8,500
  • There was no significant correlation between the NY stock price decline yesterday
  • The 3-day Ichimoku reference line and the weekly Bollinger Band centerline support was solid.

People have been talking a lot about what’s going on in Iran or what’s happening with coronavirus – but here are the facts; bitcoin is not a traditional asset and trying to compare it with traditional financial assets is a fools game. Bitcoin moves to the beat of its own drum.