Dollar index is up,SPX (S & P500) drooled, BTC goes the bottom
Good afternoon, if you read my ideas on Bitcoin that I wrote the day before, you were aware of the risk when taking care of the local Low, we still went beyond the level of $19520, from where it was possible to trade the breakdown of the level. Now we will consider options for a bullish and bearish way out of this situation. The Relative Strength Index is in strong oversold condition and is drawing a divergence on the 1H timeframe.
Bulls
For a local upward scenario, it is necessary to consolidate and trade above the level of $18745, from where it is necessary to go to the level of 19714 and fix above it. At the moment, not a bad level for opening a long position with a very short stop order, after fixing above the level of $18745.
The Bears
Everything is very simple here, if the S&P 500 index surrenders its level of 3875-3900 and tests from below, Bitcoin will fall and altcoins will fall by 10-100X, the bottom will already be counted as Bitcoin falls.
We are now in a difficult moment for global markets, and even more so for the cryptocurrency market, follow SPX, you have trading scenarios. Good luck
Bulls
For a local upward scenario, it is necessary to consolidate and trade above the level of $18745, from where it is necessary to go to the level of 19714 and fix above it. At the moment, not a bad level for opening a long position with a very short stop order, after fixing above the level of $18745.
The Bears
Everything is very simple here, if the S&P 500 index surrenders its level of 3875-3900 and tests from below, Bitcoin will fall and altcoins will fall by 10-100X, the bottom will already be counted as Bitcoin falls.
We are now in a difficult moment for global markets, and even more so for the cryptocurrency market, follow SPX, you have trading scenarios. Good luck