SPX normalised XBT chart.
Updated
BTC is still presently being treated as a risk asset.
IMO, only when the need arises globally (i.e. significant or even hyper-inflation), could it then potentially decouple (i.e. think Venezuela), and be treated more as a safe-haven.
This chart shows the Bitcoin (XBT) chart normalized by the S&P 500 index (SPX).
A 50/200 SMA golden cross have only just emerged on the 1Mar2020.
Will continually monitor this chart can update this publication periodically. :)
See also my recent analysis on the S&P 500 chart:
On the 1D chart, we technically have already entered (at the very least) a mini-recession. Will this transform into a full-blown recession or even a depression? Whether the weekly 200 SMA will hold will tell.
Fundamentally, the bubble have already gotten wayyy too big -- Obama, instead of fixing the underlying problem, allowed the issue to continue by bailing out the broken banking system (taking tax payer's money to feed the welfare system for the big corporations and the mega wealthy -- where the CEOs and corporate executives had continued to shamelessly pay themselves massive bonuses and pay-cheques after collapsing the economy, while cutting jobs and pay for the middle class staffs; and after that, Trump continue to feed the bubble into the monstrosity it is today (with debt that needs to be paid back sooner or later).
Trumps's answer to the crazy US debt? "Easy we can just print more money".
Long-term, I remain cautiously bullish on Bitcoin. :)
IMO, only when the need arises globally (i.e. significant or even hyper-inflation), could it then potentially decouple (i.e. think Venezuela), and be treated more as a safe-haven.
This chart shows the Bitcoin (XBT) chart normalized by the S&P 500 index (SPX).
A 50/200 SMA golden cross have only just emerged on the 1Mar2020.
Will continually monitor this chart can update this publication periodically. :)
See also my recent analysis on the S&P 500 chart:
On the 1D chart, we technically have already entered (at the very least) a mini-recession. Will this transform into a full-blown recession or even a depression? Whether the weekly 200 SMA will hold will tell.
Fundamentally, the bubble have already gotten wayyy too big -- Obama, instead of fixing the underlying problem, allowed the issue to continue by bailing out the broken banking system (taking tax payer's money to feed the welfare system for the big corporations and the mega wealthy -- where the CEOs and corporate executives had continued to shamelessly pay themselves massive bonuses and pay-cheques after collapsing the economy, while cutting jobs and pay for the middle class staffs; and after that, Trump continue to feed the bubble into the monstrosity it is today (with debt that needs to be paid back sooner or later).
Trumps's answer to the crazy US debt? "Easy we can just print more money".
Long-term, I remain cautiously bullish on Bitcoin. :)
Note
Momentum Divergence on the PRISM Momentum Oscillator.Note
Ultra low timeframe analysis:Note
Recession confirmed if this candle closes below the 200 weekly SMA. And it probably will.Note
PRISM Acceleration/Jerk ribbon continues to plunge lower. Won't see a turnaround anytime soon.
Note
Market structure destroyed by massive (black swan) fundamental move. TA will not work anymore, for now, until the structure resets -- i.e. need to wait for the market to settle down and stabilize at the new level (whichever it may be), then a new market structure can emerge for TA.Might fall even deeper into a full blown depression, some analysts were saying.
"Blood on the streets.."
Note
No point looking at this chart for now until the traditional market stabilises. Looks like the S&P500 will have significantly farther to fall.See >>>
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