BTC price drop correlated with SPX
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1. SPX price drop (engulfing candle) exacerbated BTC price drop.
2. Price recovery is halted with volume confirmation
In summary, BTC price upwards momentum has been halted by SPX movements. It is important to also recognize an early indication of reversal potential [4.]. Now that sellers are in control, I think price will retest 30108. We have to wait for an u-shaped price support pattern as depicted [3.] to regain buy confidence. I plan to be patient and wait for more buy signals before entry.
Let me know your thoughts.
1. SPX price drop (engulfing candle) exacerbated BTC price drop.
2. Price recovery is halted with volume confirmation
In summary, BTC price upwards momentum has been halted by SPX movements. It is important to also recognize an early indication of reversal potential [4.]. Now that sellers are in control, I think price will retest 30108. We have to wait for an u-shaped price support pattern as depicted [3.] to regain buy confidence. I plan to be patient and wait for more buy signals before entry.
Let me know your thoughts.
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YouTube Channel: TraderDex
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