Source: Cointelegraph/TradingViewTurning to stocks, with which BTC/USD has become increasing correlated, Jurrien Timmer, director of global macro at Fidelity Investments, drew similar conclusions.“Revisiting the Bollinger Bands, we have gone from 2 standard deviations above-trend to on-trend to now almost 2 standard deviations below-trend,” he noted about the S&P 500 on April 9. “Again, oversold but not at an historic extreme.”Bitcoin bounce may follow 10% Nasdaq plungeAs Cointelegraph continues to report, BTC price bottom targets increasingly center around the $70,000 mark.
Analyzing weekly timeframes, Bollinger himself drew attention to one of his proprietary indicators, known as “%b,” which offers further clues about market trend reversals.%b measures an asset’s closing price relative to Bollinger band position, employing standard deviation around a 20-period simple moving average (SMA). Among its insights is the “W” bottom formation, where a first low beneath zero is followed by a higher low retest later — something that could now be in play for BTC/USD.
Network economist Timothy Peterson, whose Lowest Price Forward metric previously offered 95% odds that $69,000 would stay intact as support, now sees Bitcoin reversing only after stocks find their own floor.“Bitcoin led NASDAQ on this decline. As the asset perceived to be at the top of the risk pyramid, I would expect NASDAQ to rally first, and then Bitcoin. Just something to look for,” he revealed this week. “But I think NASDAQ has another -10% to fall.”Bitcoin vs.Nasdaq comparison.
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Author / Journalist: Cointelegraph by William Suberg
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