Weekly S&P 500 analysis (for S&P's "alt coin", BTC)
It's pointless to look at BTC charts now because BTC is just following in lock-step with the S&P 500, so now I just look at the S&P 500 chart and trade BTC accordingly.
S&P 500 just fell out of a clear rising wedge. I've been in a BTC short position from 7400 and feel safe holding it for now because of this bearish formation on the S&P chart. You can also see that we are falling out of bearish structures on both the stochs and the RSI.
If the S&P gets back above 2800 and starts opening and closing 4-hr candles above that, I will likely close my BTC short.
Cheers and happy trading.
S&P 500 just fell out of a clear rising wedge. I've been in a BTC short position from 7400 and feel safe holding it for now because of this bearish formation on the S&P chart. You can also see that we are falling out of bearish structures on both the stochs and the RSI.
If the S&P gets back above 2800 and starts opening and closing 4-hr candles above that, I will likely close my BTC short.
Cheers and happy trading.