NAS100USD and BTCUSD correlationJust been recapping on the SPXUSD and NAS100USD charts, both look like they could head lower in the short term at least. Not sure crypto has proven it can trade independently from that just yet, at least based on the short term. Plus if things get disorderly then everything could get wacked. I'll be monitoring my positions over the weekend (BTCUSD, HBAR, XRPUSD), but I may reduce them again irrespective of how crypto moves in anticipation of potential downside in the wider markets. Looking at the recent declines on NAS100USD compared to BTCUSD, BTCUSD tends to overperform to the downside in % terms, you can see the percentages on the charts of the past declines. The recent decline which has just started sees there NAS100USD declining by -1.76% and BTCUSD by -4%, no guarantee that pace will continue, but assuming NAS100USD declines to the first target area and BTCUSD matches the drop in % terms BTCUSD could be looking at $94,500 and if it overperforms then it could reach $90,000 which is a potential measured move target based on how the NAS100USD could decline.
XRPUSD thread here which gives some background to recent positioning.
