The S&P 500 is on the key level of dynamic support around 3585
Next support to come will be the 50% fib on the 3230 tested twice as support in September and October 2020
Bullish divergence on the RSI and MACD to be confirmed!
This week's last candle is bullish, given the long wick at the bottom that shows buyers are in with a body closing above the 200 Weekly MA, 38.2% fibo, and the key level at 3585.
The 3 questions I ask myself???
1- Will we have a real rebound and reversal of a downward to upward trend in the medium term Weekly?
2- Will we just have a fake pump in the Daily short term to take liquidity north via short stops?
3- Will we go directly lower without chasing the shorts to the north?
My answers:
1- 20% chance
2- 50% chance
3- 30% chance
Finally if the S&P 500 will sooner or later seek the 50% fibo at 3230, I think the BTC will also seek the 50% fibo at 14.5K
https://www.tradingview.com/x/1Hs3DmGG/
More details on the 50% fibo at 14.5K:
https://www.publish0x.com/the-king-of-crypto/btc-daily-technical-analysis-detect-the-next-bottom-with-fib-xjrdppl
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