This 120 minute chart of Bitcoin, updated through Sunday morning, is suggesting a drop into the $80K's in the coming days. Holiday trading or not, that happens and Bitcoin will complete a 5 wave impulse down, possibly suggesting much lower prices to come. What does that portend for Nasdaq? Connect the dots via an hourly QQQ chart sitting below the Bitcoin chart and two words come to mind, "acceleration down."
BTC 120 Minute
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QQQ Hourly
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Gold
But all is not bearish, as we are monitoring Gold closely for reversal back up to complete a fifth wave advance that has been on a break for 3rd and 4th quarter of 2024.
Wave 4 is nearing completion, but it has the potential of one more "c" wave lower to the bottom of the retracement rectangle in the days to weeks ahead. At the right time, we will be all over GLD calls, one of our very best trades in the first half of 2024.
