Wishes for a nice month everyone and let's all pray for logic and Peace in the World.π
π November has started with a bang, and we're seeing some interesting movements in the financial market. π
π Observations:
Bitcoin's Rollercoaster: BTC took a slight dip today, even after a splendid performance post the Federal Reserve announcement. πΈ Inverse Correlation Emerges: Historically, Bitcoin & S&P 500 moved hand in hand. But now? They're moving in opposite directions at times! π Past Patterns: Dive into 2018, 2019, and 2020, and you'll see this dance between BTC and S&P 500. Correlation breaks, then normalizes, and ultimately... BOOM! π A significant price movement ensues.
π€ Thoughts:
ChatGPT Insights: Looked up ChatGPT for more on this correlation break. Factors like market sentiment, liquidity, and micro events could be playing a role.
Current Market Trend: Bitcoin's moving up while indices correct. What's next? We might see this correlation normalize soon. π
The BIG Resistance: Keep an eye on Bitcoin as it approaches the major resistance level I've been talking about. This could be a pivotal point! π
π₯ Hot Takes:
Bitcoin: Feeling bullish! Major support lies around 34,000, and I'm optimistic about BTC reaching the 37,000 mark and beyond. π S&P 500: Spotted a significant resistance at 4,327. Bearish trends have been dominant since last year, but a break above this resistance could change the narrative. π» vs π
In conclusion, watch out for the correlation between Bitcoin and the S&P 500. When it breaks and normalizes, it might just present a golden opportunity! π Keep observing, analyzing and take grown up decisions; stay vigilant, and remember to do risk management and have patience π°