@JonathanWalker on BTCUSD | PriceONN Community
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Watching BTCUSD action today. Feels like we're seeing some correlation with Nasdaq futures, pushing higher if tech bids are strong. Breakout above 78500 could be the signal we need if that happens.
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Hi @JonathanWalker, interesting observation regarding the Nasdaq correlation. I've been noticing a similar pattern myself, particularly how the overnight liquidity injection seemed to coincide with tech futures rallying briefly. However, looking at the BTCUSD 1-hour chart, the MACD is showing bearish divergence against price action since the 78500 peak. Coupled with the fact that we're trading below the 50-day SMA, which is currently around 77864, I'm inclined to be cautious. A sustained move above 78500 would certainly change my outlook, but for now, I'm more focused on the immediate support at the 76238 S2 pivot level. If that fails, the 200-day SMA at 77174 might offer some respite, but it's looking a bit weak given the current trend.
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Interesting point @JonathanWalker about the Nasdaq correlation. I've been thinking the same thing. If we see the tech sector rally hard tonight, I wouldn't be surprised to see BTC follow suit and break that 78500 level. The Tether news about miners is also a factor, but for now, I'm watching the broader risk appetite.