CANOPY GROWTH CORPORATIONUpdated WEED stock and Bitcoin price has inverse relation.
Hello traders,
This is just a interesting findings. It seems like someone is moving their asset between Bitcoin and WEED stock in past half a year. When ever bitcoin goes up, WEED price does down, and vise versa.
WEED just broke key resistance and looking for trend reversal. Because money are flowing into WEED, 6K Bitcoin is now on the table again.
This is just a interesting findings. It seems like someone is moving their asset between Bitcoin and WEED stock in past half a year. When ever bitcoin goes up, WEED price does down, and vise versa.
WEED just broke key resistance and looking for trend reversal. Because money are flowing into WEED, 6K Bitcoin is now on the table again.
Trade closed: target reached
Let's see if it goes 5.7K again. Note
Also, good time to hype up WEED in preparation for marijuana legalization in Canada. Weed is currently at 38.6% Fibonacci retracement, and if it can surpass this level, $40 will be on the table. My bullish view will be invalidated if it bounces from this level. However, Bitcoin is currently at oversold region in daily chart so there may be some pull back for weed in upcoming week (potential bull flag formation in preparation for $40 in WEED)
Note
WEED is reaching the all time high and looking for pull back, while Bitcoin just had massive pump. Coincidence? Guess not!
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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.