How does the correlation between Bitcoin and stock market indices affect the market? Here's the latest situation

Cryptocurrency News– The U.S. Stock Markets have been experiencing a rapid crash lately. Led by the NASDAQ 100 index, we've seen tech stocks drop more than 12% over the past few weeks. Since the crypto market is correlated with the US Stock Market, a downward move is inevitable. The crypto market is also moving in a bearish direction as we are currently facing an extreme pullback in stocks. Later in this article, we will share the points you need to pay attention to for popular assets. At the same time, we will evaluate the Meme Index presale, which emerged with its innovative approach to the meme coin market.

Three Critical Indicators Have Come Into Play On The Bitcoin Chart!

The Bitcoin Super Trend indicator has a daily candle close confirming a bearish outlook. We've been waiting for this look for weeks. The weekly Bitcoin MACD indicator gave a bearish signal about a month and a half ago. On the weekly Bitcoin chart, we saw a bearish divergence about two months ago. These three important indicators play a huge role in predicting Bitcoin's next move.

With the Bitcoin Super Trend indicator turning red, we have fully confirmed the bearish outlook. Unfortunately, nothing has changed in the market since our last updates. We even moved out of the neutral zone with the newly formed signals. However, in the short term, we may encounter small jumps. When we encounter such bearish movements, many investors become largely pessimistic. According to popular crypto analysts, such bearish moves can actually bring great opportunities. When you see bearish price movements, you should actually focus on the crypto market for more opportunities. Now, let's look at the price support points that we should look out for in the price of Bitcoin.

On the daily Bitcoin chart, we confirmed a close below $82K. We may find some support around $78K and below this level, we may encounter a small support at $75,500. The most important support range is positioned in the range of $70K to $74K. Many crypto analysts describe this region as an ideal accumulation zone. Taking a look at the Bitcoin liquidation heatchart, there is a gap near the support zones. Given the general trend of Bitcoin price slipping into liquidity gaps, it seems possible to test these support levels. Keep in mind, though, that Bitcoin doesn't move in a straight line.

Is $1,500 Next for Ethereum?

When we look at the Ethereum price on the weekly timeframe, it is observed that it is moving in a bearish trend on a broader timeframe. As we've highlighted many times before, Ethereum price fluctuates in bare market conditions as it breaks the multi-year support trendline. Even if we move in a bear market, we may experience small jumps. However, no serious rise is predicted in the next few months. Some analysts are more pessimistic about this.

Crypto analyst Crypto World suggests that we may not see a rise in the price of Ethereum for the next one year. Still, you can keep an eye on support and resistance points so you don't miss out on short-term opportunities. As Ethereum price drops below the $2,100 area, the next price target could be $1,880. As of the moment of this writing, we are approaching the price point we are talking about. If we confirm a close below $1,880, around $1,500 could be our next target. In short, we could see a worse price action in the price of Ethereum.

Solana Pattern Confirms $90!

If we look at the Solana price on the weekly timeframe, we can say the same thing as we said to Ethereum. However, it may perform more strongly than Ethereum. Solana price is moving near the $120 support at the time of writing. It even broke below this support, albeit for a short time. We need to wait for a daily candle close to confirm this breakout. If we confirm a close below $120, we can wait for $90. On the daily Solana time chart, we see a bullish divergence formation. Led by this decline, we may move more comfortably in the next few weeks. But in the long term, we seem to be on the decline.

There is not much potential in the cryptocurrency market and meme coins in the near future. In addition, pre-sale projects attract attention with their innovative approaches. In particular, the Meme Index, which has left its mark on the meme coin ecosystem, provides exposure to many meme coin projects thanks to different indices.

Visit MEMEX Token

The Meme Index offers a variety of volatilities through four different indices. These indices, called Titan, Moonshot, MidCap, and Frenzy, hold meme coins with low to high volatility, respectively. Each index appeals to investors with different risk tolerances. The Meme Index token also has a detailed roadmap. MEMEX holders, on the other hand, play a major role in the future of the token with their votes. The most important feature that distinguishes the Meme Index project from other meme coins is that it allows you to diversify multiple tokens within a single basket. In this way, you can make potential gains in the meme coin market, whose value is increasing day by day.

The information in the content of the article is for informational purposes only. It does not constitute any investment advice. The author and kriptoparahaber.com are not responsible for your profit or loss arising from the investments you make. Investment is ultimately based on many foundations such as knowledge, experience, research and personal decisions.

Related News