Potential DOUBLE BOTTOM for S&P500 to drive BTC up
Updated
when in fear, Bitcoin tends to follow the stock markets. We have seen the correlation between the 2 for the past weeks or months and this had been mentioned/posted many times before. Until we see a recovery from the S&P500 or other stock indices, BTC will remain at current levels as mentioned.
3854 is a key level to hold for S&P500
-bottom channel support from early 2020.
-the previous Swing Low so we remain structure.
The objective is a double bottom or "W" formation, then expecting a break of the neckline (4062) to see the relief rally I have been mentioning for the past few days from my previous ideas.
3854 is a key level to hold for S&P500
-bottom channel support from early 2020.
-the previous Swing Low so we remain structure.
The objective is a double bottom or "W" formation, then expecting a break of the neckline (4062) to see the relief rally I have been mentioning for the past few days from my previous ideas.
Note
so far the objective remains, lets's see if we can print the double bottom completely and test the neckline.Trade closed: target reached
OBJECTIVE ACHIEVED. Double bottom printed, neckline broken. will post a new fresh idea for S&P500.
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