when in fear, Bitcoin tends to follow the stock markets. We have seen the correlation between the 2 for the past weeks or months and this had been mentioned/posted many times before. Until we see a recovery from the S&P500 or other stock indices, BTC will remain at current levels as mentioned.
3854 is a key level to hold for S&P500
-bottom channel support from early 2020.
-the previous Swing Low so we remain structure.
The objective is a double bottom or "W" formation, then expecting a break of the neckline (4062) to see the relief rally I have been mentioning for the past few days from my previous ideas.
3854 is a key level to hold for S&P500
-bottom channel support from early 2020.
-the previous Swing Low so we remain structure.
The objective is a double bottom or "W" formation, then expecting a break of the neckline (4062) to see the relief rally I have been mentioning for the past few days from my previous ideas.
Comment:
so far the objective remains, lets's see if we can print the double bottom completely and test the neckline.
Trade closed: target reached:
OBJECTIVE ACHIEVED. Double bottom printed, neckline broken. will post a new fresh idea for S&P500.