This is relating to my last post where I did some analysis on DXY which indicated that the US dollar would be heading up in the near future, this suggests that BTC will go down.
Looking at the BTC chart according to the Gann box placed back from the high of 70k, we are approaching an important resistance angle. Not only are we nearing that point, we have also just entered the distribution zone from back when the FTX thing happened. Also a very important harmonic pattern has appeared, a very distinct butterfly on both the SPY and BTC . This has resulted in very significant moves to the downside in the past which I will touch on in another post. Another thing to note is the expanding volatility on the stochastic . This could mean an extremely violent move is incoming. This move will likely be predicted by a cross to the downside which hasn't happened yet but is inevitable.
SPY is another asset that correlates to BTC , unlike the DXY , the correlations aren't inverse and its basically whatever SPY does, BTC does. We are approaching a very important resistance line that has been well respected for over a year. We also are inside of a golden pocket that was placed from a fib in August. Another key point to note is the 200 EMA which is always an important thing to consider with support and resistance .
Overall Bitcoin and the S&P 500 are extremely bearish at this point, I would short if you can or take profits ASAP .
Looking at the BTC chart according to the Gann box placed back from the high of 70k, we are approaching an important resistance angle. Not only are we nearing that point, we have also just entered the distribution zone from back when the FTX thing happened. Also a very important harmonic pattern has appeared, a very distinct butterfly on both the SPY and BTC . This has resulted in very significant moves to the downside in the past which I will touch on in another post. Another thing to note is the expanding volatility on the stochastic . This could mean an extremely violent move is incoming. This move will likely be predicted by a cross to the downside which hasn't happened yet but is inevitable.
SPY is another asset that correlates to BTC , unlike the DXY , the correlations aren't inverse and its basically whatever SPY does, BTC does. We are approaching a very important resistance line that has been well respected for over a year. We also are inside of a golden pocket that was placed from a fib in August. Another key point to note is the 200 EMA which is always an important thing to consider with support and resistance .
Overall Bitcoin and the S&P 500 are extremely bearish at this point, I would short if you can or take profits ASAP .