BitcoinLong
Is this divergence relevant and BTC will pop?
As we all have noticed, recently, BTC is strongly correlated with the stock market, and considering this correlation a true one, one may wonder if the recent divergence is of any relevance?
What I mean by this is that looking at the Nas100 chart above we can see that recently, although Nas has made a new low, this was not followed by BTC.
Considering that I expect the recent breakdown of support for Nas to be a false one and the index to correct higher could this translate into a pop in BTC's price?
More, looking strictly at BTC's chart we can see that after the 25k low, the price is consolidating and is trading in a range between 28500 and 31k
A correction in indices could lead to gains for BtcUsd and this can mean a break above 31k resistance.
In such a case, BTC can accelerate its gains towards 36-37k horizontal resistance.
That being said, I'm bullish BTCUSD at this moment and I will remain so as long as the range's support is intact
What I mean by this is that looking at the Nas100 chart above we can see that recently, although Nas has made a new low, this was not followed by BTC.
Considering that I expect the recent breakdown of support for Nas to be a false one and the index to correct higher could this translate into a pop in BTC's price?
More, looking strictly at BTC's chart we can see that after the 25k low, the price is consolidating and is trading in a range between 28500 and 31k
A correction in indices could lead to gains for BtcUsd and this can mean a break above 31k resistance.
In such a case, BTC can accelerate its gains towards 36-37k horizontal resistance.
That being said, I'm bullish BTCUSD at this moment and I will remain so as long as the range's support is intact
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