BTC (Y20.P3.E16).Macro.Outlook
Updated
Hi All,
With the recent developments in the stock market and what looks like bearish overtone, we are likely to see more lows and\or sideways range price action before confidence is restored.
Cause: The $800 price drop in BTC aligns with the price action with the stock markets, which was the biggest fall since the main event.
What ever people think BTC is, it has shown us many times that it is not independent to the rest of the global markets, and so this experiment is yet to prove itself.
In my thoughts, it will not prove to be the case until widespread adoption is made, which could be another 5 to 10 years away.
Until then, we will just have the same thing, uncertainty price action.
As a note, I recall some experts saying when we had the big fall in the markets, that it will take 6 months to 1 1/2 years for the stock markets to stabilize.
Here, I have made the effort to demonstrate the BTC price action alignment of pivot points with the SP500 chart, and hence a good indicator.
In this TA, I'm going to have the SP500 chart dictate the price movements for BTC and using the available tools, see where on the BTC chart makes sense for this movement.
So the caveat on this, that the TA on SP500 will look for a range where there will be strong support.
Hence on the SP500 chart, I have indicated this area with a grey region, which also aligns with its own 20/50 ema weekly ribbon and previous strong resistance areas (circled in red).
Going back to the main chart (weekly chart), this Phoeix indicator has shown how accurate it is with this macro level and how it can be used successful at these pivotal points.
Hence right now, we have had the green and red RSI cross over. If you look close, I have placed vertical lines on this indicator to demonstrate alignment with the highs and lows.
In conjunction, the weekly 20 \ 50 ema is what I think is a area of interest, between 8050 to 8650 which correlates with some recent monthly support and resistance candles.
To me, this price range will be the dips to accumulate BTC.
On the Daily, we see a wedge formation or triangle where price has dropped out of this formation, and is now seeing as resistance.
Most likely, price will drop to where the root of this wedge shape started to take shape, which is also aligned with the monthly grey shaded area.
Note this area has confluence with the daily 100/200 ema ribbon.
Daily chart>
Monthly chart > support (MS) and resistance (MR) lines
Weekly chart up close
Please give me a tick or like for this post.
Regards,
S.Sari
With the recent developments in the stock market and what looks like bearish overtone, we are likely to see more lows and\or sideways range price action before confidence is restored.
Cause: The $800 price drop in BTC aligns with the price action with the stock markets, which was the biggest fall since the main event.
What ever people think BTC is, it has shown us many times that it is not independent to the rest of the global markets, and so this experiment is yet to prove itself.
In my thoughts, it will not prove to be the case until widespread adoption is made, which could be another 5 to 10 years away.
Until then, we will just have the same thing, uncertainty price action.
As a note, I recall some experts saying when we had the big fall in the markets, that it will take 6 months to 1 1/2 years for the stock markets to stabilize.
Here, I have made the effort to demonstrate the BTC price action alignment of pivot points with the SP500 chart, and hence a good indicator.
In this TA, I'm going to have the SP500 chart dictate the price movements for BTC and using the available tools, see where on the BTC chart makes sense for this movement.
So the caveat on this, that the TA on SP500 will look for a range where there will be strong support.
Hence on the SP500 chart, I have indicated this area with a grey region, which also aligns with its own 20/50 ema weekly ribbon and previous strong resistance areas (circled in red).
Going back to the main chart (weekly chart), this Phoeix indicator has shown how accurate it is with this macro level and how it can be used successful at these pivotal points.
Hence right now, we have had the green and red RSI cross over. If you look close, I have placed vertical lines on this indicator to demonstrate alignment with the highs and lows.
In conjunction, the weekly 20 \ 50 ema is what I think is a area of interest, between 8050 to 8650 which correlates with some recent monthly support and resistance candles.
To me, this price range will be the dips to accumulate BTC.
On the Daily, we see a wedge formation or triangle where price has dropped out of this formation, and is now seeing as resistance.
Most likely, price will drop to where the root of this wedge shape started to take shape, which is also aligned with the monthly grey shaded area.
Note this area has confluence with the daily 100/200 ema ribbon.
Daily chart>
Monthly chart > support (MS) and resistance (MR) lines
Weekly chart up close
Please give me a tick or like for this post.
Regards,
S.Sari
Note
The uptrend is intact for SP500 however the daily signal shows weakness but not enough to state a deep pullback (yet) (based on the red line being above 50%.Note
Chart update > I'm expecting a little bounce hereNote
For My reference: Chart > G. Chart.Note
Note
SP500 has now reached strong resistance. Same as BTCNote
Note
Again, BTC shadows SP500 on those key pivotal points 
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Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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