In my last post BTC hit 200 MA at 48K form a double top and crashes into 35.7K, this price action is similar with SPX and NASDAQ. Which form evening star doji in its weekly chart, after that everything goes down. Will it goes all the way down? Off course not... in the Weekly chart we finally see an evening star pattern, a sign of bullish reversal for both SPX, NASDAQ, and BTC will likely follow. So in next week the price I believe will start to pump. How long? Well for BTC I think it will goes all the way and hit the daily 200 MA at maybe 42-44K and faces another rejection. Unless there is something new in the current economic outlook of 2022, for example if the war in Ukraine finally end, or china finally stop its lockdown, COVID surge negligible. In general I see both SPX and NASDAQ currently in a descending parallel channel, which also form a massive bull flag, it will goes up and down until its finally broke the pattern and make all time high, the problem is how long will the trend continue? We need good news to break what currently a bearish trend.
In the end this is just my thought, trading is just a hobby for me, do your own research.
In the end this is just my thought, trading is just a hobby for me, do your own research.