With demand in the global economy generally spiraling straight down, there are of course a few assets perfectly suited to serve a populace trapped in their homes. As such, Netflix (NFLX) has recently broken its all-time-high market price, with the previous high now serving as a support zone.
Starting on a weekly chart, we see that this level was broken last week and has since been retested. The RSI here looks very healthy, with recent highs showing up for a bullish convergence with price; we could easily see another leg higher from here. The histogram also closed last week with a really healthy expansion.
Given that, in most places, the COVID-19-driven lockdowns seem nowhere to end soon, we might expect the on-demand entertainment service to be able to move higher. But establishing a support at these levels would also be very healthy from a technical standpoint.
Moving to the monthly chart, we most of all notice the histogram which has crossed back over into the positive side for the first time in over a year. This is a promising move, although we’ll have to wait and see if subsequent bars maintain the bullish momentum profile.
Finally, comparing Netflix to Bitcoin (BTC), we can see just how much of a hit the leading crypto has taken recently. While in the short term this has certainly belied the notion that Bitcoin is a safe-haven asset, we must point out that things may turn out differently in the long term.
This is because a historic amount of fiat money is being printed, and will need to be printed, to buoy national economies around the world, touching on one of Bitcoin’s strongest use-case narratives: low, predictable supply inflation.
The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
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