BTC/Indexes: Bitcoin-Boom Index-Bust

Published via phone. Trade based on your risk tolerance. I’ve recently published similar BTC-Index ideas but this one takes the cake. Regardless of whether a true correlation between BTC and indexes exists, the confluence of charted price, fib levels, and indicators should grab your attention.

• Price represents Bitcoin’s price deviation relative to Index market’s price deviation.
  
• Price has bounced off the potential 0 level of fib channel.
  
• Several indicators corroborate at least a moderate pullback if not a full on reversal.
  
• Here, a price reversal means an increasing difference in price between Bitcoin and Index market. This can happen a few ways: Bitcoin’s price increases while Index market’s price decreases, Bitcoin’s price increases more relative to an increase in Index market’s price, Bitcoin’s price decreases less relative to a decrease in Index market’s price.