BTCUSD - SPX, MA Comprehensive Analysis
Updated
Hi Everyone
A comprehensive analysis on Bitcoin, the sell-off and where we could be heading next by taking a look at institutional money.
Even though this sell-off was sudden and unexpected; we can hardly call it a bear market. Looking at GOLD and DXY, you will get a better take on what a bear market really looks like. This just calls for patience and FAITH! Faith, because you believe in Bitcoin OVER exposure to the dollar (DXY, holding dollars/saving dollars). Bitcoin is still outperforming the DXY and the SPX, the problem is not the sell-offs but HAVING PATIENCE.
For now, we need to get back above the 200d Moving Average ASAP. Every day spent under it is a sign of weakness and greatly increases the risk of dropping back to 42K.
Follow here for daily updates and check out our chatrooms for more content on more coins.
Best Regards
Ev
A comprehensive analysis on Bitcoin, the sell-off and where we could be heading next by taking a look at institutional money.
Even though this sell-off was sudden and unexpected; we can hardly call it a bear market. Looking at GOLD and DXY, you will get a better take on what a bear market really looks like. This just calls for patience and FAITH! Faith, because you believe in Bitcoin OVER exposure to the dollar (DXY, holding dollars/saving dollars). Bitcoin is still outperforming the DXY and the SPX, the problem is not the sell-offs but HAVING PATIENCE.
For now, we need to get back above the 200d Moving Average ASAP. Every day spent under it is a sign of weakness and greatly increases the risk of dropping back to 42K.
Follow here for daily updates and check out our chatrooms for more content on more coins.
Best Regards
Ev
Note
Moving Avg as an imageNote
From this point on, I would wait until a clear bottom has been established. Either a W-Bottom (as a chart candle pattern) or a Double Bottom (as 2 candles in higher timeframes closing on the same price, first red then green, signaling a reversal).
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