Assuming equities have another leg down, they will be a drag on Bitcoin -- but with most of the high leverage players already nuked on Bitmex, I'm not expecting a lower low. When equities bottom, Bitcoin's bull run begins in earnest -- which will likely be sometime near the halving.
Predicting it will top out between 130k-140k and much sooner than we think.
Of course, it could take until after the halving. But so far, we're moving much faster than expected -- more analogous to the 2013 double-bubble than to the 2017 one.
Bearish $SPX #ES_F roadmap to watch for if we continue to drop.
DONE Initial test of 200wma
DONE Bear market rally to lower high at resistance
Break of 200wma
Trendline bounce @ $2300
Backtest of 200wma
Panic sells to major support @ $1500-1600
1. Log-macd crossing over
2. RSI showing a rounded bottom
3. Bollinger bands historically tight (6th time being this low in history)
4. Solid 8-9 month base
5. Approaching long-term bull trendline
Expecting $7400 and beyond in the coming weeks.