BTC and S&P500 Chart Review Update

in #btc5 years ago

Bitcoin chart review

BTC Chart

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BTC and S&P500 Chart Published By Philosof at TradingView

https://www.tradingview.com/u/Philosof

Comment: BTC price stay above 6500 support and 21 EMA, but despite recent higher high, indicators show bearish divergence. Volume also lack bullish support. With such controversial information it is hard to forecast next major move direction, but I feel chart favor pullback scenario more. Unless we will see some volume at 6500 touch, price will follow red arrows. P.S. Bitcoin price is a part of world economy, so you can track major indexes to predict next Crypto-King move.

Resistance: 6850 - 7150 - 7555
Support: 6200 - 5800 - 5300

Fear & Greed index: 14 (<= 13 <= 12 <= 10 <= 11 <= 9)
BTC Dominance: 65.9% (<= 65.8 <= 65.7 <= 65 <= 65.1)
24h Volume: $124 billion (<= 140 <= 167 <= 132 <= 130)

3.3 million people in US are jobless. Most entered that status within last few weeks. USA moved to 2nd place in list of countries with most coronavirus cases.

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S&P 500 Chart

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Meanwhile #SPX is making a bullish move - broke above 2500 and growing to 2600 with potential breakout higher to 2666. What should it mean for #BTC chart now, that we know they follow each other?

The move is coming. Get yourself ready for some volatility.

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