BITCOIN/S&P500 RATIO 2ND HIGHEST MONTHLY CLOSE IN HISTORY

Nov 3, 2020

Chart BLX/SPX - Bitcoin closes out the month with a ratio of 4.23 BLX/SPX closing above long term resistance @ a ratio of 3.81. Recent high in June 2019 BLX/SPX peaked @ a high ratio of 4.72 but failed to maintain support above key level of 3.81 closing the month @ 3.65. The only month to close above 3.81 ratio was December 2017 which had a high of 7.38 ratio of BLX/SPX. If Bitcoin can maintain support above the previous key resistance we can look for Bitcoin to test the previous high of 4.72 set June 2019. Then with a strong close above the previous high from June 2019 the next targets would be monthly closes around 5.21 and on to test all time high ratio of 7.38.