GlenGoodman

Where STOCKS go, BITCOIN goes too

CURRENCYCOM:US500   S&P 500
If you want to know where Bitcoin's heading next, you should watch the stock market. Bitcoin and the S&P 500 have been moving together since the crash began in late February. The correlation is not perfect, but it's pretty strong, and it still shows no sign of going away. Today, both markets have been falling heavily, moving in lockstep once again.

If you believe we're heading into another stock market collapse, then that's probably where Bitcoin's heading too. If you think stocks will recover strongly, then Bitcoin is likely to benefit.

The really exciting moment would be a break in this correlation, as stocks start to head one way and Bitcoin the other. That would strongly suggest a major new headwind for Bitcoin (not necessarily an upward one though!) as it would show Bitcoin traders forming a strong collective conviction for whichever direction they ultimately choose.
Comment: The correlation between stocks and bitcoin is stronger than ever right now. This is yesterday's price correction & partial recovery. Remarkable similarity between the two.

Comment: A new week, and the correlation is still holding tight, even on a 15-minute chart.

THE CRYPTO TRADER: How anyone can make money trading Bitcoin and other cryptocurrencies

Published by Harriman House.

This link should take you to your local Amazon site.

http://getbook.at/TheCryptoTrader

Comments

Thanks for sharing this chart and analysis @GlenGoodman. It's featured in this week's TradingView Weekly email digest.
+2 Reply
GlenGoodman TradingView
@TradingView, Great! Thanks so much for letting me know. :-)
Reply
Great shared. Thanks
+1 Reply
good info. thank you for the heads-up.
+1 Reply
GlenGoodman ProjectSyndicate
@ProjectSyndicate, No probs. Bitcoin and the S&P have been matching each other almost move for move today. They diverge for some minutes, at times, but then start moving together again (downwards).
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out