Bogged and planning
Updated
Recently the market has bogged a lot of people. 2 fake break outs on June 10th and June 22nd. They seemed promising but S and P 500 correlation saw btc drop when indexes dropped. Thus index analysis is important for btc analysis.That being said now days the less obvious move is what the market has been doing. Things can still be bullish to a retirement to the 55ema at 8600 and 100 ema at 8450. But that would be seen as following ta so its best to adjust by having buys ladder 8200-8600 if one is bullish. This 10-12% drop would correlate with the stock indexes correcting 4-5% since bitcoin on average moves 1.5-2 times the amount the indexes do during steep corrections.Recently s and p 500 did -36 and btc roughly -72% from highs ( 14.4k to 3.8). So its a good basis to plan your trades remembering the 1.5-2 figure. And say we hit 8.3-8.4k area , we can bounce to the 9.1-9.2k area and if indexes remain bullish btc can continue its run up. If indexes cave down then a much greater move is possible with btc
Note
9k hit. Price didn't have any bounce due to strong momentum but those who were able to short i would still hold and add on any small bounce up
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.