FieryTrading

🔥 Bitcoin Following Stock Market Double Crash Fractal?

AMEX:SPY   SPDR S&P 500 ETF TRUST
Bitcoin is currently in the middle of a very strong correction, with this week being the most volatile ( bearish ) week we've got since the May-21 correction. Yet, the correction might go even deeper.

It has become apparent that BTC is following a pattern that we've seen before in recent history. When you look closely you can clearly see that BTC is mimicking the stock market from 1997-2009.

A double top , correction, and reversal which was slightly deeper than the previous support, making a fake-out.

After this fake-out, a massive reversal took place, which stocks have been enjoying for over 13 years now.

This is a highly subjective analysis. For a start, the SP500 chart is based on monthly candles where the BTC chart is on weekly candles. Not saying that we're going to exactly follow this pattern, but it offers a decent long-term perspective nevertheless.

Happy trading!

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