🔥 NASDAQ Break Out: Make It Or Break It For Crypto
Since the early days of 2022, the NASDAQ (the index of technology stocks in the USA) has been in a strong down trend. During this period, the NASDAQ has followed a bearish channel pattern. After last night's FOMC interest rate hike, the index appears to be breaking out of said bearish pattern.
However, we're not there yet. If the rest of the week will be red, we're going back into the bearish channel and nothing has changed. In case of a strong bullish break out, we can safely assume that it's over with the bearishness in the short-term.
This would be great for Bitcoin. Over the last couple of weeks, crypto has been holding up relatively well. So, in case of a bullish/neutral stock market outlook, we can safely assume that BTC will see more bullish price action coming.
Keep a close eye on the last two days of stock trading to give you clues for next week's potential price action.
Happy trading!
However, we're not there yet. If the rest of the week will be red, we're going back into the bearish channel and nothing has changed. In case of a strong bullish break out, we can safely assume that it's over with the bearishness in the short-term.
This would be great for Bitcoin. Over the last couple of weeks, crypto has been holding up relatively well. So, in case of a bullish/neutral stock market outlook, we can safely assume that BTC will see more bullish price action coming.
Keep a close eye on the last two days of stock trading to give you clues for next week's potential price action.
Happy trading!
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