BitcoinShort
Bitcoin (BTCUSD) - End of January Analysis
Bitcoin and the Stock index market are amazing for comparing how fundamental news impacts these asset classes.
Both markets don’t have a strong correlation when we look at the price charts but the biggest thing they have in common is Artificial Intelligence meaning any negative news that is released will affect the price of both classes classes.
We have seen weakness on the weekly timeframe with the chance of a draw down into a discount below $90,000.
Both markets don’t have a strong correlation when we look at the price charts but the biggest thing they have in common is Artificial Intelligence meaning any negative news that is released will affect the price of both classes classes.
We have seen weakness on the weekly timeframe with the chance of a draw down into a discount below $90,000.
Note
$100,000 - $102,000 daily inverted FVG has been respected to the upside after the retracement occurred.
Awaiting for a run down to $91,271 as the 1st target.
Macro equilibrium @ $88,070 is the meat and potatoes for this month.
Looking out for a continuation to the down side
Note
When I am unsure what to do with Bitcoin, I always resort to the stock index markets as there is close correlation between the asset classes.
I prefer Nasdaq's correlation to Bitcoin.
Note
End of Week Price Range
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.