- December 27, 2022
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
This is the Dow Jones Industrial Average Index (DJI) against Bitcoin (BTCUSD) illustrated by the black trend-line. Every since September and the touch of its 1M MA50 (blue trend-line), Dow has been rallying, having recovered more than 50% of the 2022 losses.
With regards to Bitcoin, perhaps the most important development is that Dow is rebounding after its 2M RSI bounced off the Support that is holding for more than 10 years (since 2011). This level has always started BTC’s strong rally within Dow’s Secular Macro Bull Cycle (SMBC). At the same time the LMACD made a Bullish Cross shortly after. Right now the indicator is close to making the first Bullish Cross since October 2020.
Is this time different?
Feel free to let me know in the comments section below!