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BTC and DJI/SPY correlation with markers
I am using DJI(Dow Jones Index) as proxy for SPY here to compare it against BTC price movement. The analysis of BTC correlation with indices remain same, if we interchange DJI and SPY.The Day chart displayed here is marked with vertical lines on the matching lows and highs. As you can see, BTC low or high is perfectly matching with the indices lows/high DATE wise. Sometimes, its off by 1 day earlier or later.Sometimes, when DJI is at the peak and moving sideways, it is possible that BTC can make small correction and move back to peak. Here caution must be exercised when entering BTC, as the market is yet to correct.Timing on indices lows and highs, can greatly amplify our returns on BTC price movement.Stay tuned for my next post, where I'll reveal a list of stocks poised to maximize returns when timed with BTC price movements.
BTC: Bullish Weekly Trend, But Daily Chart Cautions
Key Observations:- Weekly candles forming higher highs and higher lows, indicating a bullish trend.- Currently testing weekly bottom support.- However Daily chart showing trend and EMA reversal, suggesting a potential short-term correction.Dilemma:- Should we buy now, given the bullish weekly trend?- OR wait for daily EMA reversal off weekly EMA?Possible solution is to watchout:- for a break of the previous week's low may provide clarity.- Alternatively, if the price holds above the previous low, to rally to 104k.Trading Idea:- Consider playing the 94k-104k range for a potential bounce.- Alternatively, wait for a daily EMA reversal before entering a long position.What are your thoughts?
BTC: Bullish Weekly Trend, But Daily Chart Cautions
Key Observations:- Weekly candles forming higher highs and higher lows, indicating a bullish trend.- Currently testing weekly bottom support.- However Daily chart showing trend and EMA reversal, suggesting a potential short-term correction.Dilemma:- Should we buy now, given the bullish weekly trend?- OR wait for daily EMA reversal off weekly EMA?Watchout:- for a break of the previous week's low may provide clarity.- Alternatively, if the price holds above the previous low, to rally to 104k.Trading Idea:- Consider playing the 94k-104k range for a potential bounce.- Alternatively, wait for a daily EMA reversal before entering a long position.What are your thoughts?
Disclaimer
Any content and materials included in Sahmeto's website and official communication channels are a compilation of personal opinions and analyses and are not binding. They do not constitute any recommendation for buying, selling, entering or exiting the stock market and cryptocurrency market. Also, all news and analyses included in the website and channels are merely republished information from official and unofficial domestic and foreign sources, and it is obvious that users of the said content are responsible for following up and ensuring the authenticity and accuracy of the materials. Therefore, while disclaiming responsibility, it is declared that the responsibility for any decision-making, action, and potential profit and loss in the capital market and cryptocurrency market lies with the trader.