The long-awaited correction of the bitcoin bearish wave has occurred, but the rebound cannot be called joyful. If we consider the drop since March 29 (by 63% right now from the ~48k peak), the correction from the bottom (~17.5k) today was 23%.
Correlation of funds
The S&P500 index continues to fall, accelerating momentum. The slope of the current trend line is already -65 degrees, which is close to the “critical” values of history. On the one hand, it may seem like the bottom is already near, and literally the next push will give us a bounce, but the macro situation continues to deteriorate, hinting to us that we are, at best, somewhere in the middle of the decline. Personally, I wouldn’t be surprised if we hit 2020 covid lows in the medium term.
For the NASDAQ and RUSSEL2000 indices, the situation is completely similar, the correlation of the indices is at its maximum values, so it makes little sense to consider them.
End of the alternate mini-season?
During this short-lived bounce, alt-values rose more than Bitcoin and BTC’s dominance waned. Let’s look at the graph. We hit a strong level at 42.25, we have been testing it for a week and we are building momentum to the upside. The RSI is also showing strength. I look forward to a test of the 44.15 level and then a test of the sloping trend line from below. Alts will, of course, lose capitalization during this period.
Commercial plan
In the coming days, I expect an acceleration in the decline of the indices, which will drag the cryptocurrency down with them. Work priority – short. Our next significant supports for the white ball are in the 19.2k-18.5k area. I post more precise goals and entry points on my Telegram channel, the link to which you can find in the profile description.
The long-awaited correction of the bitcoin bearish wave has occurred, but the rebound cannot be called joyful. If we consider the drop since March 29 (by 63% right now from the ~48k peak), the correction from below…
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Source: IXBT
