BTC CMEs closed as strong bullish candle and at the highs of Jun 2019,
Normally i would be looking for a further stab to the upside to 16850, but here are some problems
Bitcoin is correlated with Gold, Dollar Index, SPX500, anyone who is saying its non correlated can be proven wrong,
-Gold is looking bearish and toppy, since its positive correlated with bitcoin this would be bearish for bitcoin
-Dollar Index is looking bullish and setting in an bottom, it is negative correlated with bitcoin so this is also bearish for bitcoin
-SPX500 is looking like it wants to crash and it looks toppy, it is positve correlated with bitcoin, this is also bearish for bitcoin
Looking at these correlations and how bitcoin cme didnt close about the highs of june 2019, aswell as its losing steam on the lower timeframes
i would say that we could see some downside to
Target1: 10300
Target2: 9200
Target3: 8000
before continuing higher to test 16850
Normally i would be looking for a further stab to the upside to 16850, but here are some problems
Bitcoin is correlated with Gold, Dollar Index, SPX500, anyone who is saying its non correlated can be proven wrong,
-Gold is looking bearish and toppy, since its positive correlated with bitcoin this would be bearish for bitcoin
-Dollar Index is looking bullish and setting in an bottom, it is negative correlated with bitcoin so this is also bearish for bitcoin
-SPX500 is looking like it wants to crash and it looks toppy, it is positve correlated with bitcoin, this is also bearish for bitcoin
Looking at these correlations and how bitcoin cme didnt close about the highs of june 2019, aswell as its losing steam on the lower timeframes
i would say that we could see some downside to
Target1: 10300
Target2: 9200
Target3: 8000
before continuing higher to test 16850