Analysis of SPY correction compared to Bitcoin's Correction
Both the SPY and BTC started the year with a corrective downturn.
SPY was quick to bounce back, and currently is near previous ATH levels.
SPY achieved a double bottom, and was able to rebound to the upside without filling the low volume VPVR node.
We're currently observing somewhat of an inverse correlation relationship between the two charts.
The SPY is experiencing a failure swing near ATH, and seems primed for a short sell.
Bitcoin is trading just above the yearly lows, with a potential incoming short squeeze.
Yet many are eyeing the low volume node underneath, with a price volume support zone around $4800.
Just something to think about and consider when looking at BTC,
If the SPY was to pullback, we can expect BTC act as a hedge which would move the chart violently. Especially if hedged long with the current inverse correlation.
I'm currently long from $6041, and am hedged short from $6589
Ready for a break in either direction with market stops.
Cheers! And checkout our new site,
CoinObservatory.com
SPY was quick to bounce back, and currently is near previous ATH levels.
SPY achieved a double bottom, and was able to rebound to the upside without filling the low volume VPVR node.
We're currently observing somewhat of an inverse correlation relationship between the two charts.
The SPY is experiencing a failure swing near ATH, and seems primed for a short sell.
Bitcoin is trading just above the yearly lows, with a potential incoming short squeeze.
Yet many are eyeing the low volume node underneath, with a price volume support zone around $4800.
Just something to think about and consider when looking at BTC,
If the SPY was to pullback, we can expect BTC act as a hedge which would move the chart violently. Especially if hedged long with the current inverse correlation.
I'm currently long from $6041, and am hedged short from $6589
Ready for a break in either direction with market stops.
Cheers! And checkout our new site,
CoinObservatory.com
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