Simple 1W chart. Every time the S&P500 index (SPX) hit and broke above or (nearly) bounced on its 1W MA200 (orange trend-line), Bitcoin has formed a bottom and started along with the S&P rally phases. This week the S&P500 will have an opportunity for such a test. Will it find Support and cause Bitcoin to bottom finally and rally? Or is this time different?
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Why don't you show S&P 500 during 2008 and 2001? Those 2 times, the MA200 support broke. Recession bear markets are strong.
louistran_016
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@arbitgiri, recency bias, most traders on tradingview only know the dotcom burst and the financial crisis in their career. How about the bottom of 1962? How about Sept 1974?
retesting the trend line is healthy during a bull market, so yes, this time its a bear market so, different..
Ericcramer
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This time is much worse than most people realize. High inflation very low interest rates spells disaster. 1974 market crash interest rates were a lot higher than they are now! The current inflations rate equals P/E ratios for companies around 8 - 10 level. The stock market was way cheaper then with market cap to gdp of about 30%. Look at the warren buffet indicator and your price targets will go down. I'm sorry folks this market is way overvalued and over leveraged. Look at UK today bond market went up 50 basis points in just one day very scary times. Good luck
WeAreSat0shi
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Nice Chart!! Perhaps something new [for bitcoin], different, Maybe holding pattern? some sideways action? Fakeout?