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Why Crypto Markets Simply Flipped
I observed one thing regarding in conventional markets just lately. The NASDAQ 100 RSI hit 75 — firmly in overbought territory. This issues greater than most crypto merchants notice.
Why inventory markets have an effect on crypto:
Crypto sometimes correlates with shares throughout downturns
Fed Chair Jerome Powell referred to as markets “pretty overvalued”
Historic RSI peaks at 75 typically set off pullbacks
Wanting again at earlier cycles, I see a sample. Each time the NASDAQ reached these overbought ranges, we noticed vital corrections inside weeks.
February 2023 noticed a good pullback after comparable readings. June 2023 introduced one other correction. The July 2023 peak led to main promoting via October.
Bitcoin’s Present Technical Image
I’m monitoring Bitcoin at $113,000 proper now. The technical indicators paint a combined image that has me cautious.
