BITCOIN Pay attention to VIX. Big gap upwards for BTC.

On today's analysis we compare Bitcoin (BTCUSD) to the Volatility Index (VIX) on the 1W time-frame. An often neglected instrument, which measures the market volatility (decline = risk on conditions, increase = tension), VIX has been trading within a Channel Down for the past 12 months. Almost for the same period of time, BTC has been trading within a Channel Up, showcasing the negative correlation of the two instruments, as a decline on VIX favors investment on risky assets.

Naturally, if this trend continues on VIX, Bitcoin should extend its Channel Up. Even more so, we can notice a big divergence in the past 3 weeks, with VIX on 3 red candles having tested the June - July Support Zone, while BTC is on 3 flat red ones at the bottom of its Channel and June Support Zone. As you can see the gap to fil is almost a respectable $5000.

But what do you think? Will it catch up to VIX and even more so break higher, if the Volatility Index declines on new Lows? Feel free to let us know in the comments section below!

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