CryptoFrog’s Gems 💎🐸 Kanal
30 Jul, 03:49
The stock market is starting to print some concerning signs… 👀
I haven’t made a post on the S&P 500 in a while due to the crazy amount of chop and indecision we’ve seen from the index while sitting just below its ATHs.
But as we can now see, the stock market has begun to reject from its prior highs and has now fallen below the daily 50 EMA for the first time since the -20% Iran war crash.
This level has clearly been a strong area of support, where we saw major bounces back in June and again over the past few days. But now that this level has been broken, it could be a sign of further continuations lower to come.
It’s likely we see some level of support around the 100 EMA, which is now quickly approaching after today’s bloody daily candle close. If stocks continue lower on the HTF, it will be a major headwind for $BTC and the entire crypto market.
Highly recommend keeping a very close eye on stocks over the next few weeks!
I haven’t made a post on the S&P 500 in a while due to the crazy amount of chop and indecision we’ve seen from the index while sitting just below its ATHs.
But as we can now see, the stock market has begun to reject from its prior highs and has now fallen below the daily 50 EMA for the first time since the -20% Iran war crash.
This level has clearly been a strong area of support, where we saw major bounces back in June and again over the past few days. But now that this level has been broken, it could be a sign of further continuations lower to come.
It’s likely we see some level of support around the 100 EMA, which is now quickly approaching after today’s bloody daily candle close. If stocks continue lower on the HTF, it will be a major headwind for $BTC and the entire crypto market.
Highly recommend keeping a very close eye on stocks over the next few weeks!
