Hello traders,
BTC has had a strong correlation with the US stock market over recent months.
This is due to the inverse correlation with the USD. With the USD declining over recent weeks due to money printing, commodities and equities have performed extremely well.
This morning, news coming from Trump's twitter feed suggests there will be no second stimulus package until after the election.
We are now expecting money to flow back into the USD (safe-haven appeal) and out of equities/commodities.
BTC is creating a classic bearish triangle formation.
We are expecting a final wave down towards the 9000 support zone.
Any thoughts or comments are welcome!
BTC has had a strong correlation with the US stock market over recent months.
This is due to the inverse correlation with the USD. With the USD declining over recent weeks due to money printing, commodities and equities have performed extremely well.
This morning, news coming from Trump's twitter feed suggests there will be no second stimulus package until after the election.
We are now expecting money to flow back into the USD (safe-haven appeal) and out of equities/commodities.
BTC is creating a classic bearish triangle formation.
We are expecting a final wave down towards the 9000 support zone.
Any thoughts or comments are welcome!