The image above is a 4-hour WTI crude oil futures chart

WTI CRUDE OIL futures plunging into negative territory for the first time in history and this is weighing Bitcoin, causing its price to fall below $ 7,000.

As we’ve mentioned in previous posts, Xbit avoids trading when a market trend can’t be reliably detected. It looks like we will have to be patient a little longer before taking another position.

Waiting until signals are clear and the market is reliably trending is the most difficult lesson for traders to learn and even more difficult to do. Rest assured, we are monitoring things closely and will take a position when conditions improve.