If my prediction for the Nasdaq is correct (I believe the probability is quite high): the Nasdaq will experience a second bottom at the lower edge of the bull market support zone (around 19890), targeting the 200-week moving average (around 15800).
In this case, the reference point for Bitcoin's pullback is at 96700 (exactly 0.786), and the lower edge of the Nasdaq's bull market support zone is at 19822 (exactly 0.618), which makes Bitcoin/Nasdaq = 4.87, exactly within the current indicator range.
The logic is:
1. The Nasdaq's first rebound will hit the bull market support zone, and it won't break through in one go under the unclear conditions of the trade war;
2. The U.S. stock market is not bad enough to force a shift in the Federal Reserve's monetary policy; the U.S. stock market needs to show 'who dares to be worse than me.' What truly forces Powell's hand is the state of the market, not the rhetoric of Trump.
In this case, the reference point for Bitcoin's pullback is at 96700 (exactly 0.786), and the lower edge of the Nasdaq's bull market support zone is at 19822 (exactly 0.618), which makes Bitcoin/Nasdaq = 4.87, exactly within the current indicator range.
The logic is:
1. The Nasdaq's first rebound will hit the bull market support zone, and it won't break through in one go under the unclear conditions of the trade war;
2. The U.S. stock market is not bad enough to force a shift in the Federal Reserve's monetary policy; the U.S. stock market needs to show 'who dares to be worse than me.' What truly forces Powell's hand is the state of the market, not the rhetoric of Trump.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
BTC
96,275.14
+2.14%