On April 9, Matrixport released a daily chart analysis saying that Bitcoin is currently in another adjustment phase. Historically, Bitcoin has rebounded significantly in the past four times when the Stochastics Index fell to 15%. However, the indicator is still at the 25% level, indicating that the market may not be close to rebounding yet.
Despite President Trump's claims that China is eager to negotiate, China has not responded, and market sentiment remains cautious. At the same time, although the US stock market has seen a 20% correction, there has been no clear support signal from the Treasury or the Federal Reserve, so now may not be the ideal time to "buy the dips" of Bitcoin before the stochastic indicator approaches the key 15% threshold.
