The S&P 500 has broken down from a rising wedge pattern and successfully retested it. It has also moved below the Ichimoku Cloud, which is now acting as a resistance barrier. This suggests the potential for further downward movement.
Notably, the S&P 500's price action often correlates with cryptocurrency market trends, making its movements a key indicator of broader market sentiment.
Bitcoin is trading within an ascending broadening wedge pattern and is currently positioned above the pattern's support trendline. The 21MA is acting as resistance, while the 100MA provides support below the pattern.
A breakout above the 21MA could signal upward movement, whereas a breakdown from the pattern may lead to further market correction.$BTC
RAY is consolidating within a descending triangle pattern and is currently trading above the horizontal demand zone. The Ichimoku Cloud serves as a resistance barrier above the current price action.
A decisive breakout or breakdown is needed to confirm the next directional move.$RAY
🔥 NEW : The Trump 🇺🇸 administration will form a #crypto advisory council of 24 leaders to draft legislation, build a #Bitcoin💰 reserve, and promote regulatory clarity.