SPX leading, BTC lagging. Use it to your ADVANTAGE.
I have specified in my previous idea post how the SPX (S&P500) is correlated to BTC and I am sure it will remain positively correlated for as long as Fear & Greed Index remains in Extreme Fear/Despair. Previous post in 20th May
The objective achieved, double bottom/ "W" pattern formed and neckline broken. This indicates a BULLISH REVERSAL and we may see more upside in the coming days.
Keep it simple, and thats my advice when performing your TA for SPX. It cannot go any easier than this.
Look at the horizontal lines I drew, taken from previous lows and highs and how well the price reacted to it. Arrows drawn are my next expectations for SPX (nothing is confirmed) and this is my trade approach for the upcoming days. expecting a retracement and will open new long positions for BTC/ALTCOINS as the price approaches support.
The SPX has been leading the way if you plot it side by side with BTC (not shown in my chart) and you may see the price of BTC follows. Use this chart as a reference bias for your trades and you will have higher probability of success. Proven as per my previous TAs and ideas post.
The objective achieved, double bottom/ "W" pattern formed and neckline broken. This indicates a BULLISH REVERSAL and we may see more upside in the coming days.
Keep it simple, and thats my advice when performing your TA for SPX. It cannot go any easier than this.
Look at the horizontal lines I drew, taken from previous lows and highs and how well the price reacted to it. Arrows drawn are my next expectations for SPX (nothing is confirmed) and this is my trade approach for the upcoming days. expecting a retracement and will open new long positions for BTC/ALTCOINS as the price approaches support.
The SPX has been leading the way if you plot it side by side with BTC (not shown in my chart) and you may see the price of BTC follows. Use this chart as a reference bias for your trades and you will have higher probability of success. Proven as per my previous TAs and ideas post.
I mentioned above:
"Keep it simple, and that's my advice when performing your TA for SPX . It cannot go any easier than this"
3723 is the price to hold on daily basis. I expect a bounce as there are 2 major confluence as I circled in ORANGE. High probability and that's how we should think when trading.