Hello! Today we will look at the bitcoin chart and the potential movement in the near future :
Part 1 : What you need to start with is that the last few months Bitcoin has been correlated with US index. Therefore, before proceeding with its analysis, you need to look at the US Indexes and S&P 500.
We have seen the biggest daily drop in the last 2 months, that I will settle down as a negative sign and I expect to roll even further down to 4000 as the first target we can test the 50 MA and also the next closest target of 3900-3950 with the possibility of knocking out the previous one low at 3910. These are the first targets for S&P500. The reversal of this negative scenario would be a quick return above 4200.
All parts are in my tradingview page!
Part 1 : What you need to start with is that the last few months Bitcoin has been correlated with US index. Therefore, before proceeding with its analysis, you need to look at the US Indexes and S&P 500.
We have seen the biggest daily drop in the last 2 months, that I will settle down as a negative sign and I expect to roll even further down to 4000 as the first target we can test the 50 MA and also the next closest target of 3900-3950 with the possibility of knocking out the previous one low at 3910. These are the first targets for S&P500. The reversal of this negative scenario would be a quick return above 4200.
All parts are in my tradingview page!
Trade closed: target reached