💾 SPX Closes On Strong Bullish Bias +Bitcoin & Bank Crisis

May 27, 2023

This is the SPX on the weekly timeframe:

• It has been printing higher lows since October 2022.
  
• It has been going up and it is pushing/challenging resistance.
  
• This week closes green with a long lower wick.
  
• The RSI is really strong.
  
• More than 7 months of consolidation.
  

The next target is set at 4,237 on the daily timeframe or the August 2022 peak/high.

The SPX & Bitcoin
A higher low was hit 13-March together with Bitcoin and the rest of the Cryptocurrency market.

After this higher low, we are seeing the resumption of the bullish move that started January 2023.

While Bitcoin bottomed in November 2022 the SPX bottomed October 2022.

The orthodox end of the bear market for Bitcoin happened June 2022 so we can still say that Bitcoin is moving ahead of the stock market.

Currently Bitcoin is already trading above its August 2022 high.

The SPX, Cryptocurrency & The Banking Crisis
It will be interesting to see how the SPX will behave once the banking crisis is resumed in June... Maybe this bullish chart shows the last hurray?

The SPX is bullish now but watch out for mid-June when the banks start crashing again, we will see how this affects the conventional markets but we know that Cryptocurrency will benefit based on past history.

Namaste.

Jun 16, 2023

Note

Growing. Bitcoin will soon follow.
They will switch eventually but Bitcoin going bullish in the coming weeks.

Aug 9, 2023

Trade closed: target reached

Perfect. Now comes the drop.