In the grand theater of global markets, where the drama of Trump’s tariffs and China’s counter-tariffs unfolds like a Shakespearean tragedy, Bitcoin, the enigmatic protagonist, may be quietly forming a bottom after a harrowing 30% correction. Could this be the prelude to a triumphant breakout? 🤔
The Tariff Tango: A Dance of Diplomacy and Despair
On one hand, the stage is set for despair. The economic and geopolitical winds blow cold, casting shadows of uncertainty over any hope of market recovery. Yet, amidst this gloom, a glimmer of hope emerges. The 90-day pause in tariffs for some nations offers a fleeting window for negotiation, a chance to reduce the list of countries burdened by Trump’s tariffs.
But then there’s China, the unyielding antagonist, still shackled by tariffs with no reprieve in sight. The US, in a move that could only be described as audacious, imposed a staggering 125% tariff, which, when combined with previous tariffs, balloons to an eye-watering 145%. China, ever the worthy adversary, retaliated with a 125% tariff of its own. The plot thickens, and the audience holds its breath, wondering if the two leaders can broker a deal to avert a global trade meltdown. 🎭
Bitcoin’s Higher Low: A Glimmer of Hope
In the 4-hour time frame, Bitcoin’s price continues its meandering journey within a descending channel. The crucial support at $80,000 was breached, but Wednesday’s announcement of the 90-day tariff suspension (excluding China) breathed life back into the market, pushing the price above this level. As Friday dawns, Bitcoin is up 3.4%, a sign that the bulls may be gathering strength. 🐂
Notably, the price did not quite reach the previous low during Wednesday’s downswing, suggesting the formation of a higher low. The bulls now face the challenge of breaking through the channel’s top and surpassing the last swing high at $88,700. Could this be the dawn of a new trend? 🌅
Bollinger’s Bitcoin Prophecy
Enter John Bollinger, the legendary technical analyst and creator of the Bollinger Bands. In a recent post on X, he shared a chart hinting at a W bottoming pattern for Bitcoin. While the pattern awaits confirmation, its potential is undeniably bullish. Could Bollinger’s insight be the oracle that guides Bitcoin to new heights? 🧙♂️
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2025-04-11 13:17