The correlation between S&P500 and the Bitcoin is annoing me to be honest. As you know, I executed long position on the $36300 according to the strongest signal in TA. I wanted to catch the big bounce, but the fact that the correlation with traditional market is high, I understand that the Bitcoin haven’t much time to grow. The S&P500 have just started the bear market and we can see just the little bounce.
Meanwhile the Bitcoin if forming the very interesting Symmetrical Triangle. I hate this pattern because of high number of manipulations with it. I drew two possible scenarious.
1)The positive scenario when the price break through to the upside. In this case it’s vital to break through the major resistance – the S1 level of monthly CPR ($39160).
2)The negative scenario with manipulation. I don’t want to see this scenario, but it’s probability is 50%. In this case the lower low is almost guaranteed.
Be very careful!