S&P500 and BTC are very correlated, especially for dumps. So to know when BTC dumps, we need to know if and when the S&P 500 is going to have a correction.
Let me know your thoughts on the S&P 500, the increasing yields (see linked chart below) and Bitcoin!
Let me know your thoughts on the S&P 500, the increasing yields (see linked chart below) and Bitcoin!
Comment:
UPDATE: exactly happened what I warned for. We will visit low 50s, keep an eye on the main stock exchanges next week; it can get bloody. But cryptobull: I only hear good news for crypto + stimulus checks etc, why do we drop? Because smart money isnt going to allow you to make money, thats not their goal. Their goal is for them to make money. Period. Ever since BTC dropped after its breakout (Bull are back in control update) and printed a lower high and lower low; you know it means trouble. If we are lucky we visit 52K and go back up, if we are not lucky we can drop to 39K. Both scenarios would be good for the crypto bull run, it means we get more fuel for the mid term (next months) and can set new ATH’s because atm we were way over extended. Keep an eye on the S&P500 on Monday and the Euro, if they come down; BTC will so too.
Comment:
UPDATE: We broke a crucial resistance. I am not 100% bullish yet however I did buy back a substantial part of my portfolio into BTC. Situation is quite simple: if S&P500 does not dump and DXY + the fed dont do drastic things; BTC will stay in its triangle. Breakout target: 63K. So if the outside world just chills or doesnt do drastic things; BTC has the change to fly. If if ifs, not sure sure sure. BTC behaves good enough for me to get back in though!
Comment:
S&P 500: great bullish action. We are almost at my target. Im preparing for a correction or even a crash.
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S&P 500: head and shoulders, looks bearish
BTC: also head and shoulders, looks bearish
Today & this weekend nothing is going to happen on S&P500. However (!) Sunday night to Monday morning I expect a BTC drop // if we did not set a new ath by that time, we will might go bearish next week and at least visit low 50s — and more if the S&P 500 and Euro dont show any strength or (worse) correct; BTC and BTC dominance will drop. Once we find a nice bottom with support, the alts will fly! I have a feeling of a local top but it depends on what that qe is going to be spend on... We could see some US10Y buying and more parabolic on yields. I’ve been updatinb on those aswell, to understand the market you need to look beyond crypto...
IMPORTANT: this is not financial advice, just my opinion. Invest or trade at your own risk and research. I share my opinion to get feedback and hear your opinion, sharing is caring but we make our own decisions.