BTC and the SPx500 factor (Y20.P3.E2). Suspense
Updated
Hi All,
Its fine to look at BTC being bullish etc however there is one thing that worries me and that is the risk with the stock market.
More specifically the SP500.
If you follow me, a few times I have pointed out the correlation between the SPx500 and Gold with Bitcoin... many pivotal times, they were aligned.
As per this chart, and previous post, its reached the zone and in this case, hitting the middle part of the channel\trendline and a rejection.
Now its at the bottom of this channel and the litmus test is here, will the price action look like it will continue the normal channel prior to the parabolic move up and then the dump. Its likely that it will hold for now but for how long?
We know the reason for the price for the stock to return is due to the Fed Reserve buying up the stock to restore the market confidence and now the question is, was it for some influential people who can drop their stack without any loss but profit or is it for the general purpose, to restore confidence back.
All I know now is that BTC is getting weak because of the SP500 dropping $140 in a few days.
I believe this is critical to BTC price action.
Ideally BTC should show itself to be separate and prove itself to be a solution to the fiat system, but I don't think BTC is there, since the Black swan effect proved this, and hence BTC is not a safe haven against the fiat system, yet.
Please give me a like or tick for this post.
Previous post
A potential bounce where RSI shows the start of some bullish div.
Its fine to look at BTC being bullish etc however there is one thing that worries me and that is the risk with the stock market.
More specifically the SP500.
If you follow me, a few times I have pointed out the correlation between the SPx500 and Gold with Bitcoin... many pivotal times, they were aligned.
As per this chart, and previous post, its reached the zone and in this case, hitting the middle part of the channel\trendline and a rejection.
Now its at the bottom of this channel and the litmus test is here, will the price action look like it will continue the normal channel prior to the parabolic move up and then the dump. Its likely that it will hold for now but for how long?
We know the reason for the price for the stock to return is due to the Fed Reserve buying up the stock to restore the market confidence and now the question is, was it for some influential people who can drop their stack without any loss but profit or is it for the general purpose, to restore confidence back.
All I know now is that BTC is getting weak because of the SP500 dropping $140 in a few days.
I believe this is critical to BTC price action.
Ideally BTC should show itself to be separate and prove itself to be a solution to the fiat system, but I don't think BTC is there, since the Black swan effect proved this, and hence BTC is not a safe haven against the fiat system, yet.
Please give me a like or tick for this post.
Previous post
A potential bounce where RSI shows the start of some bullish div.
Note
possible fractalNote
Looking back, I got the reversal call on the moneyNote
It broke the channel. Now if it stays like this for the next 4 hrs or above, especially a day, then we will see more lows.Note
Current chart, still holding this channel>
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This community has signals now but with no risk management comms.
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