Bitcoin is currently holding just above support on the 4H chart. If BTC breaks support and closes below I'm shorting with an expected first target of around 21000.
Conversely, if Bitcoin bounces and continues to consolidate within the channel I will remain neutral.
Progressive resistance and daily bearish divergence approaching weekly death cross signals a probable trend reversal to the downside for up to several weeks or months.
SPX:
SPX tops correlated with VIX bottoms
The daily SPX chart is showing a potential reversal of price action based on a correlation to the VIX that has been observed over the last year.
As detailed in the chart, as the VIX dips below the 20 level the S&P500 tops out, reverses, and drops anywhere from around 8% to nearly 22%.
VIX:
Vix currently under...
