Bitcoin & Micron in lockstep
First off, I am NOT implying that these two assets actually have a meaningful relationship with one another (correlation of any sort/or if MU goes down so does BTC, vice versa).
I am just pointing out that Bitcoin and Micron have had similar price action in terms of peaks and troughs and I want to keep watching that relationship.
What's interesting to me is you don't see this similarity of price action in many other stocks/indices when compared to Bitcoin. The first thing I could think of is it's a simple risk-on/risk-off dynamic and a coincidence, which happens over and over in markets.
When measuring BTC against MU we have a perfect weekly H&S top, which suggests Short Bitcoin / Long Micron (which actually historically suggests short both, since BTC is a higher beta asset/with greater volatility on the downside and upside). To be bullish, you want to see Bitcoin in an *uptrend* against Micron (historically speaking):
My view on this relationship is it's a coincidence of a risk-on/risk-off dynamic, and a function of higher beta (Bitcoin) vs lower beta (Micron) that happened to be trading in tandem with one another.
What do you think?
I am just pointing out that Bitcoin and Micron have had similar price action in terms of peaks and troughs and I want to keep watching that relationship.
What's interesting to me is you don't see this similarity of price action in many other stocks/indices when compared to Bitcoin. The first thing I could think of is it's a simple risk-on/risk-off dynamic and a coincidence, which happens over and over in markets.
When measuring BTC against MU we have a perfect weekly H&S top, which suggests Short Bitcoin / Long Micron (which actually historically suggests short both, since BTC is a higher beta asset/with greater volatility on the downside and upside). To be bullish, you want to see Bitcoin in an *uptrend* against Micron (historically speaking):
My view on this relationship is it's a coincidence of a risk-on/risk-off dynamic, and a function of higher beta (Bitcoin) vs lower beta (Micron) that happened to be trading in tandem with one another.
What do you think?
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