Will BTC mirror the prior path of SPY? for AMEX:SPY by Crypt0Jack

TLDR makes me tingle, but what are the details?

Ok, handful of things you should focus on.

1) Let’s start with the SPY . First and foremost, a trade range was formed on a macro time frame & price bounced between the highs and lows over some period of time. At some point, price broke out above the range highs, but then returned to the range. After this move, price fell swiftly, breaking the lows of the trade range. After a bit of consolidation, price returned into the range, where it never came back down again. That break of the lows was KEY to the future price action.

2) Now let’s turn our attention to BTC . As can be seen, BTC recently broke up and made a new ATH , only to have swiftly fallen back into the range (where it rests now). Should it mirror the SPY , we will soon see price fall below $30k (as this is the trade range floor currently), then bounce back up & reclaim the range – never returning to these sub $30k levels again.

3) Note how in both scenarios, the highs and lows breaking are the sell/buy signals that the market was looking for. In similar vein, if the scenario plays out, then buying sub $30k would be the highest R/R possible in current trade range.

4) Also worth pointing out – as crypto markets are 24/7, the price action tends to move MUCH quicker than traditional markets. Patterns that might take years to play out with stonks will only take weeks/months in crypto (usually). That being said, it does not bother me in the least that the SPY range took ~15 years to play out while the crypto setup might only end up being 1.5 – 2 years.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button