My analysis shows that
SPX
is slowly pushing for new highs considering overbought conditions and lower liquidity in the market. We must see a break and Daily close above $5265 for a bullish confirmation to the upside. This current weak price action is what's reflecting weakness and low conviction to the upside for $Bitcoin as BTC mirror's its movement from
SPX
for the most part.
A break and close below $5180 will be a bearish signal and bring sell pressure for
SPX
, we must also be aware of the MAC D Bearish divergence which confirms a bearish bias for $SPX. Let's keep an eye 🧐 on the red circle which shows us the current price action and see where this goes, I will update as needed.
SPX
is slowly pushing for new highs considering overbought conditions and lower liquidity in the market. We must see a break and Daily close above $5265 for a bullish confirmation to the upside. This current weak price action is what's reflecting weakness and low conviction to the upside for $Bitcoin as BTC mirror's its movement from
SPX
for the most part. A break and close below $5180 will be a bearish signal and bring sell pressure for
SPX
, we must also be aware of the MAC D Bearish divergence which confirms a bearish bias for $SPX. Let's keep an eye 🧐 on the red circle which shows us the current price action and see where this goes, I will update as needed.