Equities have been rising together with crypto. What's next?
Along with crypto, the S&P 500 has also seen some gains, together with a structure break from the bottom, which BTC hasn’t marked. The index is now trading at its June range, without intention to go back below $400 for now…
I’ve plotted on the chart a few things that have defined price action in the last months, but my general bias is that there has been quite a lot of sentiment change in the last days, and we definitely need a pullback to go higher.
We see that a week ago it retested and swept the $391 high, and from there the SPY moved up until the nPoC of June’s range. It has rejected on this Monday session, so I expect it to retest 1h OB at $400. After that, a move to $428 is expected: there is confluence between the gap you see and the ATH anchored VWAP (price has barely gone above it).
In conclusion, this lines up with the price action I expect for BTC as well, so we may see…
I’ve plotted on the chart a few things that have defined price action in the last months, but my general bias is that there has been quite a lot of sentiment change in the last days, and we definitely need a pullback to go higher.
We see that a week ago it retested and swept the $391 high, and from there the SPY moved up until the nPoC of June’s range. It has rejected on this Monday session, so I expect it to retest 1h OB at $400. After that, a move to $428 is expected: there is confluence between the gap you see and the ATH anchored VWAP (price has barely gone above it).
In conclusion, this lines up with the price action I expect for BTC as well, so we may see…
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