Since the early days of 2022, the NASDAQ (the index of technology stocks in the USA) has been in a strong down trend. During this period, the NASDAQ has followed a bearish channel pattern. After last night's FOMC interest rate hike, the index appears to be breaking out of said bearish pattern .
However, we're not there yet. If the rest of the week will be red, we're going back into the bearish channel and nothing has changed. In case of a strong bullish break out, we can safely assume that it's over with the bearishness in the short-term.
This would be great for Bitcoin . Over the last couple of weeks, crypto has been holding up relatively well. So, in case of a bullish /neutral stock market outlook, we can safely assume that BTC will see more bullish price action coming.
Keep a close eye on the last two days of stock trading to give you clues for next week's potential price action.
Happy trading!
🔥 NASDAQ Break Out: Make It Or Break It For Crypto by FieryTrading on TradingView.com
