What about Bitcoin?
From September 3 to 9, Bitcoin tried unsuccessfully to pierce 10,000 USDT, a level that I consider the gateway for bears. However, if the 10K break downwards, a laterality could begin to develop, if throughout the 24 hours after the break, the market buys the fall, Bitcoin could lateralize for weeks or a couple of months Otherwise, the cryptocurrency would plummet to $ 9,100 / 9,600.
The correlation between the New York indices and the cryptocurrency market is obvious. By knocking down the Dow Jones at 27,500, it discouraged the purchase of Bitcoins, to the point that it struggles to stay above $ 10,500. I acquired several cryptocurrencies last week, I refrained from buying Bitcoin and Ethereum, I opted to buy TRX, EOS, MKR, IOTA, VET, LINK and ADA, because they are oversold and close to solid supports. On Monday the 21st, the Dow Jones formed the September low at 26,713 points, as long as it remains up, it will not represent any danger to my investment. So the success of my portfolio is in the hands of 26,713 points.
If the current weekly Dow Jones candle leaves a long bearish wick, it could be the first step to have a laterality between 27,000 and 28,500 points, a situation that would greatly benefit Altcoins, since traders would take advantage of the calm to buy the Most oversold cryptocurrencies, even so, I would not want to buy Bitcoin or Ethereum, because they could be lateralized together with the index, also there is a greater profit margin in the Altcoins already mentioned.
Part of my plan is to take advantage of the negative performance of these Altcoins, and accompany their recovery.
TRX / USDT -25.28%
EOS / USDT -17.95%
MKR / USDT -29.74%
IOTA / USDT -27.24%
VET / USDT -25.73%
LINK / USDT -44.00%
ADA / USDT -30.16%
In short, I foresee lateralities in the stock indices and in Bitcoin, only if the Dow Jones respects the current minimum of September, this would motivate many traders to acquire the cheapest cryptocurrencies. So 26,713 points are the sword that could slaughter the bull.
Observation: The correlation between XAU and Bitcoin does not convince me; The day the stock market crashes and Bitcoin refused to fall, I’ll change my mind.