alanmasters

Bitcoin (BTC) Detaches From The S&P 500 Index (SPX)

SPCFD:SPX   S&P 500 Index
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?

    Namaste.
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Comments

I looks like BTC is catching up to SPX in the wave cycle.
Today BTC was equivalent to Oct9 SPX surge.
Now both at end of B wave on ABCDE down, SPX still ~a subwave ahead.

While today's peak does invalidate a previous wave structure, still looks like a H&S in an uptrend channel, dabbing right shoulder at head.
+1 Reply
alanmasters barry_gamache
@barry_gamache, You think they will still correlate or that this move will change it completely?
+1 Reply
barry_gamache alanmasters
@alanmasters, I think we'll know by 10/24. If BTC can't hold above ~$12125, it will catch up with SPX & NDX downtrend wave cycle.
Regardless, I think they're all still very correlated.

Using AAPL & GOOG as reference, I think C wave down until Earnings Report on 10/28.
GOOG did same thing that BTC did today -- IMO last high of 2020 -- establishing right shoulder of H&S. AAPL & SPX already did Oct12.

Top of shoulders: May 7th high (10067) through Oct 21st high (12899.99). Makes for a very tiny head with a plunging neckline.
Neckline: May 9th low through Sept 23rd low, then extend.
+2 Reply
alanmasters barry_gamache
@barry_gamache, Thanks for sharing.
Reply
barry_gamache alanmasters
@alanmasters, just bounced hard off 13200 -- 0.618 level on the drop from dec 2017.
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yes, maybe the dollar doesn't bounce this time, and then that would signal us dollar leaving usa....??
+1 Reply
BTC could finally be the hedge they've all been waiting for.
+1 Reply
@Octaaa, It is looking exactly like what we wanted.

A boom when the other system is bust.
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i believe its more corrilated to the dollar, and if stocks fall, dollar will rise...btc then down....
+1 Reply
@AurieK, BTC up because of PayPal news... part of the market cycle.

This is crypto growth-related so the market will become stronger as a whole period.

Reply