Bitcoin price today: muted at $118k but altcoins soar as House passes new bills
Below is a weekly chart of the S&P 500. What stands out a bit is the last candle, which represents the price action over the past week. It was the largest weekly high-to-low decline since June 17 of 2013 -- just shy of 18 months ago.
This decline puts us at the bottom of the weekly channel going back to mid-January of 2013. However, that channel was broken in the down move that occurred in the week of October 6, 2014 -- a weekly decline that was almost as large as the decline we saw this week. That setup a megaphone pattern, illustrated by the blue trendlines on the chart, that we also discussed previously. If that pattern plays out and this week's decline is a step in that direction, that gives us a downside target of around 1770.
Personally, I think it would be a good time to take some profits on, but leave some on as I think equities could still go much higher if capital flees bonds over the next few years.
What do you think?
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