BitcoinUpdated Will BTC follow SP500?
At daily chart BTC forms a bull pennant. Keep in mind this pattern can easily transform into bull flag (means longer consolidation) and doesn't really have to breakout upwards (although it is a bullish pattern). Another factor - micro CME gap down to 11715. Don't get me wrong, everything is bullish around this chart. But I just keep an eye on SP500 which has reached all time high with volume comparable to March. There will be either monster breakout or dump, that will take all markets down.
4H: EMA21 at 11724 and EMA89 at 11440 act as dynamic support.
🟥 11920 ✅ 12150 - 12320
🟩 11800 - 11600 - 11500 - 11343
😱 Fear & Greed index: 79 (<= 78 <= 75)
👑 BTC Dominance: 58.9% (<= 58.8 <= 60)
⚙️ 24h Volume: $101 billion (<= 122 <= 97)
Note
SP500 still hold its position just below all time high - didn't get to it by only 10 cents.At the same time BTC dipped and closed micro CME gap.
Overall situation is unstable. But I expect BTC to bounce first after yesterday and that night dump.
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