Chart of the Day - Friday, September 9th, 2022
September 9, 2022
Today’s Chart of the Day was shared by @bostonchaahhts. It's a 3-day candlestick chart of Bitcoin over the past two years. As of writing, Bitcoin is up +10% today, putting it on track for one of its best days this year. As Boston points out, it has formed a potential double bottom pattern, and RSI is diverging positively. It's still in a nasty downtrend, but as long as it's above the recent lows (around $19k) it could easily mean revert higher in the near term. Bitcoin and the S&P 500 have been more correlated than ever this year, so keep an eye on Bitcoin over the weekend for clues on how stocks might perform next week.