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.

very strong indicatorsNFLX chart by TradingView

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.

A new long term paradigm?NFLX chart by TradingView

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.

NFLX chart by TradingView

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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