Just posting another update here on the SPY- Bearish megaphone is playing out as previously charted. The SPY rejected its 200day SMA the other day and now the 50-day SMA has crossed under the 200-Day SMA (Death Cross). The SPY formed a bearish butterfly harmonic pattern on the Hourly timeframe as well as a big head and shoulders on the weekly timeframe (See...
SPY looking very bearish here, frankly, the markets have been overextended for quite some time and all technicals are bearish on almost every timeframe- Some FIB levels and RSI-based supply and demand zones to keep an eye on- - Bearish ABCD Harmonic Pattern Formed - Spinning Top Candlestick Pattern (Reversal Pattern, Bearish in This Case) - Bearish Butterfly...
Well... BTC wants us to believe that the bottom is in. We have touched the $7800 area plenty of times and it has refused to go lower -- which makes it look like a bottom. If this is it then the bottom is being built in the middle of nowhere which is out of the norm. There are a couple of places where it would make more sense to bottom out so I recommend we wait...
The shocking true!... BTC wont recover any time soon