Bitcoin bottom is in based on S&P500 analysis

I have overlaid the macro indicator that tracks the S&P500 over the bitcoin chart, you can see the bitcoin price recovers and moves significantly upside when you get the bull trend indication on S&P500 (Green DIamond and Triangle signals)

In addition, the green vertical lines are the exact bottoms of S&P500.

Yorum:

Playing out as expected so far! Congrats to those who took the long trade. Everyone is awaiting the FED fomc meeting in the next 3 days and expecting a 25 basis points amid the SVB banking crisis. Hoping S&P continues the bull run based on history and backtest of the S&P Macro indicator. If it fails, it will be a new data point and I will keep it posted here should anything change.