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 with prices breaking below EMA10 after a lower high.
- But BTC just hit a higher high compared to August and has a very strong and a ...
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.
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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.
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.
A boom when the other system is bust.
This is crypto growth-related so the market will become stronger as a whole period.