For many months my friends we saw the SPX and BTC charts being correlated... We saw Bitcoin mimic the SPX and vice versa, both moving in the same direction at the same time.
Now, things are starting to change.
The charts for the SPX and BTC are now completely different and both showing different potential.
The SPX for example is looking at a bearish MACD with prices breaking below EMA10 after a lower high.
But BTC just hit a higher high compared to August and has a very strong RSI and a bullish MACD...
The two have finally detached.
This is good news for cryptocurrency traders because the SPX has been overbought for a long while and it is due to a strong crash.
Seeing BTC correlated to it would mean that BTC would also eventually crash.
But having this correlation gone opens the door to seeing Bitcoin continuing to move on its own.
What Happens If Bitcoin Breaks $12490? Where To Next? $17,000?
'But having this correlation gone opens the door to seeing Bitcoin continuing to move on its own'. this hasnt happened. not even close. and its not the only index still pegging btc/crypto. you wont see a break from cypto tracking markets and market sentiment until well after the US election and depending on the result.
@alanmasters, if anyone asked me you why your analysis is wrong, i'd just refer them to your recent post... best of luck, alan, lots to learn, but im sure you are keen.