BTC / USD TA
Since early summer we've seen a lot of correlation between DOW JONES and Bitcoin. Not to say we haven't seen it before, but this time there's more similarities in movements and sentiment. We've see Bitcoin being thrown around a lot on business news channels, by large banks and traditional stock traders in recent month. That has been done not by mistake. By doing that traders have coupled both together psychologically which is why we have seen bear, bull bursts correlating between the two.
What's next?
Bitcoin is currently at decision phase... does it exit the bull trend and enter sideways/bearish trend or does it bounce off from here and continue onto next ATH? Hard to say but next few days will be crucial to say the least.
In terms of DJI... personal bias is highly bearish in long term. We see what is happening in the world economy, German stock market, Argentina's stock market and now slowly reaching towards US... If we continue seeing downward selling pressure on US market, this will impact the world in big way. Question is, will investors start entering crypto markets through newly developed institutional channels or will they stay out of this one yet again? My bet is on us seeing inflow of new investors some time this to early next year but we will have to watch this carefully.
PRIOR TA
Since early summer we've seen a lot of correlation between DOW JONES and Bitcoin. Not to say we haven't seen it before, but this time there's more similarities in movements and sentiment. We've see Bitcoin being thrown around a lot on business news channels, by large banks and traditional stock traders in recent month. That has been done not by mistake. By doing that traders have coupled both together psychologically which is why we have seen bear, bull bursts correlating between the two.
What's next?
Bitcoin is currently at decision phase... does it exit the bull trend and enter sideways/bearish trend or does it bounce off from here and continue onto next ATH? Hard to say but next few days will be crucial to say the least.
In terms of DJI... personal bias is highly bearish in long term. We see what is happening in the world economy, German stock market, Argentina's stock market and now slowly reaching towards US... If we continue seeing downward selling pressure on US market, this will impact the world in big way. Question is, will investors start entering crypto markets through newly developed institutional channels or will they stay out of this one yet again? My bet is on us seeing inflow of new investors some time this to early next year but we will have to watch this carefully.
PRIOR TA
