Is BTC's uptrend following COVID's?
First off, this is not meant as any opinion towards Covid-19 (political, medical, or otherwise) nor meant in any way to dishonor any who have lost loved ones due to Covid-19, but rather I wanted to call out an interesting correlation that looks to be occurring.
Recently TradingView made the confirmed cases in the US available broken down per state or country. However, when one maps the rate of change ( ROC ) based on the absolute value, one can see the daily increase/decrease in cases over time (similar to all the charts as shown on other sites such as Google ).
What is interesting is that when vaccines hit key events, the price of bitcoin dropped. However, now that the delta variant has begun to increase the case rates in the US, the price of bitcoin seems to be retracing upward along almost the exact same Fibonacci retracement levels (note how even the bounces seem to occur on both charts along the Fibonacci lines).
As to the cause of this, it could be for any number of reasons, for example Fibonacci levels being a measure of growth (and hence very appropriate for disease spreads), or could be correlated to the hopes for a government stimulus in the United States, or could simply be an interesting coincidence and nothing else.
It seems like something of interest to watch to see if the trend continues or breaks (e.g., could a dip in Covid-19 cases due to boosters or herd immunity leading to a dip in BTC ).
Either way, stay safe out there, both with the pandemic and with your trades. And as always, this is not meant as financial advice but is solely my opinion, but please like or comment if you agree or at least find it interesting as well.
Recently TradingView made the confirmed cases in the US available broken down per state or country. However, when one maps the rate of change ( ROC ) based on the absolute value, one can see the daily increase/decrease in cases over time (similar to all the charts as shown on other sites such as Google ).
What is interesting is that when vaccines hit key events, the price of bitcoin dropped. However, now that the delta variant has begun to increase the case rates in the US, the price of bitcoin seems to be retracing upward along almost the exact same Fibonacci retracement levels (note how even the bounces seem to occur on both charts along the Fibonacci lines).
As to the cause of this, it could be for any number of reasons, for example Fibonacci levels being a measure of growth (and hence very appropriate for disease spreads), or could be correlated to the hopes for a government stimulus in the United States, or could simply be an interesting coincidence and nothing else.
It seems like something of interest to watch to see if the trend continues or breaks (e.g., could a dip in Covid-19 cases due to boosters or herd immunity leading to a dip in BTC ).
Either way, stay safe out there, both with the pandemic and with your trades. And as always, this is not meant as financial advice but is solely my opinion, but please like or comment if you agree or at least find it interesting as well.
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