BITCOIN - Back In The Retracement Band Again!

Ok guys,

Firstly BTC is back in the band and its still the same as before - if it can stay up and not sink then there may be another wave up.

Stock indexes are on some sort of bounce today and here's SPX as it is the dominant index currently.


Up 1.8% today.

Now, indexes have been very bearish and if you're so inclined check my recent threads on SPX and NDX.

And due to that its hard to have much confidence in a sustained upward trend.

On SPX chart I have said that the yellow 4H 50MA is a probable target area of which if it gets there i'll be look for more equity shorts.

But it may not get there and there is also the 100 and 200MA coming together that may act as resistance.

...

Back to BTC chart - so if SPX makes it all the way to 50MA then perhaps BTC can get to a 0.618 bounce which would take it to 22-23K.

And alts will rally somewhat if that happens.

But you know what... 🤔

Crypto sure does look ugly right about now 😸.

There's been no nice tight descending channel like 2018 low.


Just floppy erratic movements and bearish ascending channels.

And you could argue that A - B was a descending channel but imo its only potentially bullish if it has a fairly even spread of candles, not with big sudden dumps.

So I may change my mind soon enough but i'm not biting here.

I will want to see something significant from BTC.

A big green (mine are white 🙄) candle passing a significant MA would do it.

Else its not great RR and I'm having a pleasant easy ride with my equity shorts, no need to take unnecessary risk.

And whenever SPX rejects so too will BTC almost certainly.

And I just dont think there is too much time...

NDX SPX threads linked below

Not advice.