The markets have been responding to world events, but does it look like there might be some relief? Also, what is bitcoin doing--is it like gold or something else? To get a clear picture of what is happening in the markets, check out our weekly analysis video below:
Weekly Analysis Video:
Bitcoin appears to be giving signals of continued downward movement, even if there may be a small bounce to the upside in the near future. When comparing BTC with gold, it seems as though there is an inverse relationship with the commodity, which brings into question wheteher or not btc is actually considered a depreciating asset. Rather, BTC seems to be more in-line with speculative tech stocks, which explains the continued volatility and significant drops as the market has seen a downturn. Check out this week's video for a more detailed explanation.
Gold has exploded to the upside in what appears to be a major short squeeze; however, this move could turn impulsive. As mentioned above, gold has seen a major uptick, while BTC has been more corrective--giving credence to the idea that BTC still remains a spculative asset. Gold may be looking to push to higher highs, and to get a detailed count with our NewWave system, check out the3 video above.
The SPX looks as though it is entering a larger correction, but the question is what does the B wave look like. If the market sentiment is strong, then we could see a new high as part of the B wave, which could make a running or expanded flat. If we do not break the current highs, that is a more bearish pattern which could push the market to significant lows. For a breakdown of the market, check out this week's video above