BTC fell out of its upward support line (green line) and into the downward channel it is in now (red lines) to create a nice lightsaber double X formation (my first thoughts at least when I drew the chart) toward the Fibonacci line near 47K (once again).
The interesting part is how well it is staying in that small downward channel that it just touched at the bottom this evening, looking like a nice small bull flag.
Although the channel of BTC currently also looks like it can head down to 44K over the next few days, other ALTs like DASH seem to have hit the bottom of their own wedges, seeming to indicate they would either break negatively if BTC went down further (which I figure less likely), or that this will be the low for a while (although a drop to 44K is not necessarily anything to panic about too).
I am however wondering what will happen with stock and the S&P 500 will do tomorrow with how poorly it did today as it went below its current trend. A lot of people are calling for a bounce, but it indeed is an fairly scary drop over the past week. My thought however is with the senate meeting over a stimulus bill and not needing more than a simple majority to pass the bill (since a filibuster is not possible since it is a spending bill), that this is a tell tale sign that the bill will pass with a democratic majority already existing, and the market (including crypto) will trend positively once it does.
I'm curious what others think, particularly those who have experience trading the S&P 500 and its correlation to BTC, particularly during stimulus bills (please leave a comment).
Either way, should be interesting to see what transpires, particularly in the next week and a half or so.
The interesting part is how well it is staying in that small downward channel that it just touched at the bottom this evening, looking like a nice small bull flag.
Although the channel of BTC currently also looks like it can head down to 44K over the next few days, other ALTs like DASH seem to have hit the bottom of their own wedges, seeming to indicate they would either break negatively if BTC went down further (which I figure less likely), or that this will be the low for a while (although a drop to 44K is not necessarily anything to panic about too).
I am however wondering what will happen with stock and the S&P 500 will do tomorrow with how poorly it did today as it went below its current trend. A lot of people are calling for a bounce, but it indeed is an fairly scary drop over the past week. My thought however is with the senate meeting over a stimulus bill and not needing more than a simple majority to pass the bill (since a filibuster is not possible since it is a spending bill), that this is a tell tale sign that the bill will pass with a democratic majority already existing, and the market (including crypto) will trend positively once it does.
I'm curious what others think, particularly those who have experience trading the S&P 500 and its correlation to BTC, particularly during stimulus bills (please leave a comment).
Either way, should be interesting to see what transpires, particularly in the next week and a half or so.