If you have been following me in the past, you will know how I talked about the correlation between the stock market and the crypto markets in the recent month. Every time we have seen a steep sell off in the stock market, the cryptos are close behind to follow.
If you look at the S&P 500's chart you will see the current downward move it is on:
Here is the chart for BTC:
While the charts do not look that similar we can see that BTC is following the markets downward move. Now I was actually projecting there would be a drop in BTC so it might just be a coincidence however, there are hardly any coincidences in our world today.
Now for those trading BTC and other cryptos wait for a reversal pattern and for the market to show that they are in fact changing trends. I am believing that we are close to the bottom in the crypto markets and should see this reversal relatively soon. I will be looking for that entry point to get back in and continue to trade the upward move selling the peaks and buying the dips.