Nasdaq Weekly chart to understand #Bitcoin move
May 15: #Nasdaq: As #bitcoin is showing correlation with US market, We will see what #Nasdaq chart says.
-RSI 30: Chart showing that world biggest index is oversold area and whenever it reach RSI 30 on weekly chart, it give very strong bounce in last 3 years
-30% Correction: Nasdaq 30% correction in last 6 month, Same as March 2020, during Covid19 while situation is not so bad compare to during Covid 19.
-Dragonfly doji: Nasdaq is showing correction for last 6 weeks but Last weekly candle is dragonfly doji which indicate that market can bounce from here in coming weeks.
-Sentiment is negative, Everyone talk about recession and So whales can give surprise all with short term noise.
-Support: Last week bottom is support for Nasdaq, 2nd support is 200 weekly Moving average.
#Bitcoin: If Nasdaq bounce in coming week, than we will see bounce in #BTC too which next target near
36K-37k as a relief rally at least. 37k is resistance and 28k will be support on daily chart.
-RSI 30: Chart showing that world biggest index is oversold area and whenever it reach RSI 30 on weekly chart, it give very strong bounce in last 3 years
-30% Correction: Nasdaq 30% correction in last 6 month, Same as March 2020, during Covid19 while situation is not so bad compare to during Covid 19.
-Dragonfly doji: Nasdaq is showing correction for last 6 weeks but Last weekly candle is dragonfly doji which indicate that market can bounce from here in coming weeks.
-Sentiment is negative, Everyone talk about recession and So whales can give surprise all with short term noise.
-Support: Last week bottom is support for Nasdaq, 2nd support is 200 weekly Moving average.
#Bitcoin: If Nasdaq bounce in coming week, than we will see bounce in #BTC too which next target near
36K-37k as a relief rally at least. 37k is resistance and 28k will be support on daily chart.
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