Analyzed the Bitcoin and SPX 500 chart. Noticed a very strong similarity between bitcoin movement and SPX history.
For 400 days now, bitcoin has been moving in the $20-60k range. If this is indeed an accumulation and bitcoin is moving in the SPX scenario, there may be another wave of decline. Where will be the best place to buy it. In case the upper end of the range is breached, bitcoin is very likely to reach the 100k mark or higher.
Write in the comments all your questions and instruments analysis of which you want to see.
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P.S. I personally will open entry if the price will show it according to my strategy. Always make your analysis before a trade.
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I think we should od next on Bitcoin
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Ethereum, We are bullish and should wait for next entry
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Bitcoin, Trend line break up could start a new BULL cycle.
@TradingShot, Not going to happen chief for two very important reasons:
1) We don't turn bearish when the entire market is bearish. That's 101 in trading. Emotions suck, I struggle with them like the next person, but we can't allow reason to fall to the wayside of our emotions.
2) My indicator:
Daily chart during November 2016 and January 2019
Today
JohnTraden
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@without_worries, You make a good point but I disagree. Your point about not being bearish when others are bearish doesn't hold true. Sometimes some bearishness is necessary. Ben Cowen has brought attention to BTC maybe doing what the stock market did since at least December when it looked like BTC would hold 40K. Back then, it seemed ludicrous this would happen. Now? Not so much. youtube.com/watch?v=7hrKb-W_viE
And this fractal isn't even bearish. It says that the BTC market will reset itself back to 20K and then bounce back up shortly after. Normally, a drop to the 1W 200 MA on BTC would indicate a long bear market. This fractal suggests a relatively quick bounce.
without_worries
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@JohnTraden,I like Ben. Big fan of lengthening cycles, I agree with that. Daily videos on the subject, I don't why, revenue I guess. He was also mega bullish on ADA and Chainlink all of last year, they've both been huge under performers.
If price action goes to the previous market top, that's fine. I agree that would be a test of the 200-week MA. However the previous events were whilst in a deep bear market. We're not in a bear market, by my measure. A test of this MA will very likely be short lived, if it occurs.
Bitcoin is a 'risk on' asset. If market participants all agree 'risk off' and no other option is available, then yes. We're in for a rough ride. That said I will defer to the 'incredible buy' signal appearing on the daily S&P 500 chart. I don't know when it confirms, I'll surely will update. For the sake of comparison, here's what Bitcoin did the last two times this signal printed on the S&P 500 (bitcoin is orange line):
Today: The buy signal has appeared on the oscillators, just not the overlay as above. When it appears on the overlay it will print as 'incredible buy', you throw the farm at it and you'll look like a super hero a few months from now.
JohnTraden
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@without_worries, Thanks for the reply. Btw, I wasn't trying to be rude in my comment, in case it came across that way. Wasn't trying to sound like a know-it-all. I don't know anything. lol. Was just my opinion. Thanks for the analysis. Seems interesting. Followed you and will look forward to your analysis.
Regarding ADA and LINK, I have to agree. Though I felt that ADA did a bit better than I expected. At least considering it had already done a 100x the year before - though I wasn't in crypto then to take advantage of the March 2020 crash. It's initial push up in 2021 was cut short due to BTC crashing. In the case of LINK, I do agree. LINK just didn't want to do much of anything last year.
without_worries
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@JohnTraden, No worries, I did not pick up any rudeness. Living in Germany too long I think I've become blunt in my meaning!
@Yuriy_Bishko, come on dude atleast give credit to the person who came up with the idea , you literally came out with the TA same time as him youtube.com/watch?v=luUA35fDTMw&t=776s out of all the days you happen to come up with this comparison on the day he shows btc vs spx500