Sum of the American indices divided by the price of bitcoin
Updated
I've been pretty quiet on TV lately, focusing more on YouTube and quick tweets, but someone asked me to post this after I put up a screenshot in the TV chat room. I've been wanting to post one of my newer somewhat unique charts for a while anyway, so I bring you another chart that exemplifies the inverse correlation that I've been noticing over the last year or so between the stock market and bitcoin. I believe it's going to get A LOT more obvious by the end of the year.
Things to note:
1) Bearish divergence from August of 2017 to late last year (purple)
2) The key resistance at 10.5
3) The yellow line goes back as far as 2011, and it matches perfectly with the medium-term .786 retracement level. I expect it's headed there or lower by the end of 2019
4) The daily MACD is far from looking good
5) The medium-term .382 retracement is likely to be a very key level as well, due to the extra support provided by the medium-term uptrend
If you're bullish on the American stock market or bearish on bitcoin, I can't suggest enough that you look at charts like this and perform your own analysis on them. At the very least, they give me a much better idea of what's really going on and I've used them so many times as tools to make accurate short-term predictions on twitter and YouTube, such as my last "stubbornly bullish AF on BTC" one from February 6. If you don't yet know how, see my latest update to my related idea, "Average price of bitcoin against the American stock market." I give a few formulas you can type into the top left box in the tradingview window. This is one of them. This is a very dangerous time to be taking positions, period. But the risk:reward is DEFINITELY so much better in crypto.
P.S. On my 24/7 "Not Financial Advice" crypto livestream(YouTube, twitch, and Mixer), bitcoin just touched the bottom of the 2H ichimoku cloud that I've been stressing the importance of for months. Then it went right back up above the medium term .618 retracement I've been watching for months. I'm about to explode with contrarian bullishness.
Things to note:
1) Bearish divergence from August of 2017 to late last year (purple)
2) The key resistance at 10.5
3) The yellow line goes back as far as 2011, and it matches perfectly with the medium-term .786 retracement level. I expect it's headed there or lower by the end of 2019
4) The daily MACD is far from looking good
5) The medium-term .382 retracement is likely to be a very key level as well, due to the extra support provided by the medium-term uptrend
If you're bullish on the American stock market or bearish on bitcoin, I can't suggest enough that you look at charts like this and perform your own analysis on them. At the very least, they give me a much better idea of what's really going on and I've used them so many times as tools to make accurate short-term predictions on twitter and YouTube, such as my last "stubbornly bullish AF on BTC" one from February 6. If you don't yet know how, see my latest update to my related idea, "Average price of bitcoin against the American stock market." I give a few formulas you can type into the top left box in the tradingview window. This is one of them. This is a very dangerous time to be taking positions, period. But the risk:reward is DEFINITELY so much better in crypto.
P.S. On my 24/7 "Not Financial Advice" crypto livestream(YouTube, twitch, and Mixer), bitcoin just touched the bottom of the 2H ichimoku cloud that I've been stressing the importance of for months. Then it went right back up above the medium term .618 retracement I've been watching for months. I'm about to explode with contrarian bullishness.
Note
I realized a little too late that my uptrend line was significantly out of place. It should be a bit steeper. When adjusted, it lines up almost perfectly with the 128 EMA. Obviously this makes #5 above kinda moot as the confluence is no longer really a thing. By the time it reaches the .382, it should have will have broken down below the uptrend. The .382 could definitely cause it to re-test that uptrend for resistance though...Bonus chart... here's what the sum of the indices divided by Gold looks like at the moment:
Note
"should have will have" ... whoops... forgot to delete "should have" after changing my wording lol... been up way too much over the past 72 hours.One more bonus... BTC/Gold:
Note
It's all the more obvious now after the fake "National Emergency" declaration I've been expecting to be a catalyst for a crypto bull run for months. This BTC/XAU chart is now green, even though XAU(Gold) is at a medium-term local high and rising. Note
Indices/Gold is back at obvious resistance. And the the daily chart of Indices/BTC simply looks bearish right now. Everything is still going exactly as planned, other than the longer timeframe than I had expected from last year. The U.S. Dollar Currency Index declining simultaneously(rather than the usual real-time inverse correlation between it and the indices) for the most part, as I've been anticipating for many months.
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