Bitcoin against the SPX, overlayed with the NASDAQ
As shown in the analysis, we can clearly see the correlation of the NASDAQ CURRENCYCOM:US100 /
QQQ
to the returns of Bitcoin.
When the QQQ/NASDAQ is in an uptrend, Bitcoin is in an uptrend.
I have purposely valued Bitcoin against the US500/SPX for 2 main reasons:
1) The US500/SPX is the benchmark we all need to beat.
2) The US dollar and other fiat currencies are being printed at an alarming rate and therefore we need a "stable" denominator for our analysis.
Using the BTC/SPX ratio, we can clearly see that bitcoin did not make a higher high in the Oct/Nov period, therefore signalling a slow down in the bullish momentum.
Using the Gaussian channel on the 5 day chart, we can clearly see the when an asset is below the channel, we are in a "Bearish" market and this is typically the best time to dollar cost average into the respective asset class.
We should look to the SPX and the QQQ for signs of a market recovery.
As shown in the analysis, we can clearly see the correlation of the NASDAQ CURRENCYCOM:US100 /
QQQ
to the returns of Bitcoin. When the QQQ/NASDAQ is in an uptrend, Bitcoin is in an uptrend.
I have purposely valued Bitcoin against the US500/SPX for 2 main reasons:
1) The US500/SPX is the benchmark we all need to beat.
2) The US dollar and other fiat currencies are being printed at an alarming rate and therefore we need a "stable" denominator for our analysis.
Using the BTC/SPX ratio, we can clearly see that bitcoin did not make a higher high in the Oct/Nov period, therefore signalling a slow down in the bullish momentum.
Using the Gaussian channel on the 5 day chart, we can clearly see the when an asset is below the channel, we are in a "Bearish" market and this is typically the best time to dollar cost average into the respective asset class.
We should look to the SPX and the QQQ for signs of a market recovery.
