The resemblence of the this pattern and the May 2021 pattern are too close ignore at this point. We could see a mini push to 44.5k area before we continue to the downside. In May we reached the 1.786 fib extension and this time will be no different. Especially because the 1.786 fib extension in this case also aligns with an area of major support. I know that many are calling that the bottom is already in, but that isn't the case.
The crypto market & stock market still move in tandem. Even though many claim that crypto is a hedge against inflation & the stock market....it is not. Many are anticipating the outcome of the Evergrande situation on Thursday. I feel like regardless of what the outcome is, the market it going to take a hit. The sell off has already begun. The S&P 500 has reached a level of resistance that has held up for 90 years. There is unrest surrounding most of the world. None of this points towards bitcoin making some miraculous run to all time highs.
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The crypto market & stock market still move in tandem. Even though many claim that crypto is a hedge against inflation & the stock market....it is not. Many are anticipating the outcome of the Evergrande situation on Thursday. I feel like regardless of what the outcome is, the market it going to take a hit. The sell off has already begun. The S&P 500 has reached a level of resistance that has held up for 90 years. There is unrest surrounding most of the world. None of this points towards bitcoin making some miraculous run to all time highs.
Thank you for viewing my post!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.