SPX (S&p 500) 1D - leading the direction of BTC = entire CRYPTO
Hoping that inv head and shoulders (green archers) beats double top (red arches) here on daily..
This is more of a hopium chart than anything, haven't traded stocks for 6-7years. BTC has been following SPX for quite a while now, and is acting almost as a timer for BTC (unfortunately). Also, for quite a while now we are trading against wall street professionals, institutional money, and those guys know TA better than anyone. All of the news arent working in favor of stocks, so we have to hope this turns to be a bullish (h'ns) pattern rather than bearish (double top) otherwise we may see the lows from almost a year ago (may 21'), with the difference that now BTC follows it even tighter.
If SPX doesnt bounce inside this pattern, a massive amount of traders go short or USDT and we may see a retrace to the nightmare levels I dont even wanna talk about.
This is more of a hopium chart than anything, haven't traded stocks for 6-7years. BTC has been following SPX for quite a while now, and is acting almost as a timer for BTC (unfortunately). Also, for quite a while now we are trading against wall street professionals, institutional money, and those guys know TA better than anyone. All of the news arent working in favor of stocks, so we have to hope this turns to be a bullish (h'ns) pattern rather than bearish (double top) otherwise we may see the lows from almost a year ago (may 21'), with the difference that now BTC follows it even tighter.
If SPX doesnt bounce inside this pattern, a massive amount of traders go short or USDT and we may see a retrace to the nightmare levels I dont even wanna talk about.
Comment:
1,60% down from here (below 4110) is where I will close all my crypto positions, go stable and grab a popcorn... hope that doesnt happen...