It feels like the market is being driven entirely by headlines right now.
On March 30th, Trump suggested a deal was coming and $BTC jumped $3,000—but later that same day, his comments about striking Iran’s power plants sent it down $2,000. On March 31st, talk of the war ending soon pushed BTC up another $2,000. Then on April 1st, news of US-Iran negotiations added another $1,500 rally. Today, however, his statement that the conflict could continue for a few more weeks triggered a $2,500 drop.
At this stage, it seems nearly impossible to rely on technical or fundamental analysis, as sudden statements are whipsawing both long and short positions.
On March 30th, Trump suggested a deal was coming and $BTC jumped $3,000—but later that same day, his comments about striking Iran’s power plants sent it down $2,000. On March 31st, talk of the war ending soon pushed BTC up another $2,000. Then on April 1st, news of US-Iran negotiations added another $1,500 rally. Today, however, his statement that the conflict could continue for a few more weeks triggered a $2,500 drop.
At this stage, it seems nearly impossible to rely on technical or fundamental analysis, as sudden statements are whipsawing both long and short positions.