BEARISH BTC. FOLLOW THE SPX LOWER?

5 Şub 2022

I don't see any clear setups on BTC or SPX since the rising wedge consolidation just played out to the upside. BTC has been correlated with the stock market since December and I think BTC is just going to follow the SPX for its next moves. The SPX is currently getting rejection at resistance on the weekly chart. I think it will have a pull back next week and channel under resistance for a little longer. BTC should follow to the downside to about 38k-39k. Of course if we start breaking through resistance, I will start looking for 45-46k on BTC