We could be seeing either:
– A highly coordinated bear trap..
– A continuation of the current correction..
*moved the pattern down a bit to make it easier to see*
Now while pattern similarity doesn’t necessarily mean guaranteed PA (Price Action) this is still a concern to keep in mind…
A side note However, is the US and Asian Stock Markets have been quite undecided as of late, maybe we see a correction on them which causes a drop in crypto (due to the correlation) ?
Here are my current thoughts:
Now taking into account some of my previous charts on the stock indices, We could see a correction from them which causes Bitcoin to finish off this it’s been painting?
Here is a combined ticker on global stocks:
Having a look at SPX we can see a potential setup also as it’s currently breaking down:
And we have a similar situation for the following 3 indices:
With the potential correction on various stocks, this could complete the for BTC as shown in the chart…
It’s just one major and elaborate bear trap before a major continuation…
A well thought out bear trap makes sense from a Macro point of view also!
Related Ideas below:
Some food for thought that’s for sure… What are your thoughts??
*Symbol tags below, Ignore these*
INDEX:BTCUSD BITSTAMP:BTCUSD COINBASE:BTCUSD BITFINEX:BTCUSD BINANCE:BTCUSD BINANCEUS:BTCUSD FTX:BTCUSD GEMINI:BTCUSD BINANCE:BTCUSDT KUCOIN:BTCUSDT HUOBI:BTCUSDT OKEX:BTCUSDT BITTREX:BTCUSDT POLONIEX:BTCUSDT COINBASE:BTCUSDT BINANCEUS:BTCUSDT FTX:BTCUSDT BITSTAMP:BTCUSDT BINANCE:BTCUSDTPERP BYBIT:BTCUSDT BINANCE:BTCUSDT_PREMIUM
SP:SPX TVC:SPX OANDA:SPX500USD DJ:W1DOW NASDAQ:NQGI NASDAQ:NQGM CRYPTOCAP:TOTAL CRYPTOCAP:TOTAL2 CRYPTOCAP:TOTAL3 INDEX:SATSUSD BNC:BLX
*Symbol tags above, Ignore these*
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