{"id":511824,"date":"2022-12-09T19:00:34","date_gmt":"2022-12-10T00:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=511824"},"modified":"2024-06-11T14:31:52","modified_gmt":"2024-06-11T14:31:52","slug":"quant-explains-nasdaq-support-retest-reverse-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/quant-explains-nasdaq-support-retest-reverse-bitcoin\/","title":{"rendered":"Quant Explains How This Nasdaq Support Retest Could Also Help Reverse Bitcoin"},"content":{"rendered":"

A quant has explained why the recent retest of a critical support level by Nasdaq may help Bitcoin reverse its own trend.<\/p>\n

Nasdaq-100 Has Recently Retested A Critical Support Trendline<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, Nasdaq-100 is currently above a support line that has historically been important.<\/p>\n

Nasdaq-100 (NDX) is a stock market index that includes 102 equity securities issued by 101 of the largest non-financial companies (based on their market caps) listed on the Nasdaq<\/a> stock exchange.<\/p>\n

Here is a chart that shows how this trendline has acted as a bounce in the index’s price over the past decade:<\/p>\n

\"NASDAQ<\/p>\n

The value of the asset seems to have touched this line recently | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the price of NDX has been supported five times by this trendline since the year 2010. In each of these instances, the line has put a check on the decline in the index, and has consequently reversed it back up.<\/p>\n
Related Reading:  Upcoming FOMC Meeting Is The Most Important Ever For Bitcoin \u2013 Watch Out For The Dot Plot<\/a><\/div>\n
Recently, the Nasdaq-100 index has once again made a touch of this trendline, and has so far managed to stay above it.<\/p>\n
The quant notes that this retest could have been the end of the latest downwards trend, and might have also been the point of return of a bullish trend.<\/p>\n
However, if the trendline is lost instead, it would show the extreme strength of the downtrend, and would suggest that there is more drawdown ahead for the market.<\/p>\n
Related Reading:  Is Bitcoin Bottom In? This On-Chain Condition Hasn\u2019t Been Met Yet<\/a><\/div>\n
At the same time, Bitcoin has also been testing a support line, as the analyst has highlighted in the chart:<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC is also just above a support trendline right now | Source: CryptoQuant<\/a><\/pre>\n
In the past year or so, Bitcoin has shown to be highly correlated<\/a> with the stock market. The reason behind this correlation has been the rise of institutional investors in the crypto who treat it like a risk asset.<\/p>\n
The quant believes that if the current support retest in the stock market proves to be successful, then BTC could also be expected to see a reversal of its own due to its correlation with the stocks.<\/p>\n
Bitcoin Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $17.2k, up 1% in the last week. Over the past month, the crypto has lost 7% in value.<\/p>\n
Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
A quant has explained why the recent retest of a critical support level by Nasdaq may help Bitcoin reverse its own trend. Nasdaq-100 Has Recently Retested A Critical Support Trendline As pointed out by an analyst in a CryptoQuant post, Nasdaq-100 is currently above a support line that has historically been important. Nasdaq-100 (NDX) is a stock market index that includes 102 equity securities issued by 101 of the largest non-financial companies (based on their market caps) listed on the Nasdaq stock exchange. Here is a chart that shows how this trendline has acted as a bounce in the index’s price over the past decade: The value of the asset seems to have touched this line recently | Source: CryptoQuant As you can see in the above graph, the price of NDX has been supported five times by this trendline since the year 2010. In each of these instances, the line has put a check on the decline in the index, and has consequently reversed it back up. Related Reading: Upcoming FOMC Meeting Is The Most Important Ever For Bitcoin \u2013 Watch Out For The Dot Plot Recently, the Nasdaq-100 index has once again made a touch of this trendline, and has so far managed to stay above it. The quant notes that this retest could have been the end of the latest downwards trend, and might have also been the point of return of a bullish trend. However, if the trendline is lost instead, it would show the extreme strength of the downtrend, and would suggest that there is more drawdown ahead for the market. Related Reading: Is Bitcoin Bottom In? This On-Chain Condition Hasn\u2019t Been Met Yet At the same time, Bitcoin has also been testing a support line, as the analyst has highlighted in the chart: Looks like BTC is also just above a support trendline right now | Source: CryptoQuant In the past year or so, Bitcoin has shown to be highly correlated with the stock market. The reason behind this correlation has been the rise of institutional investors in the crypto who treat it like a risk asset. The quant believes that if the current support retest in the stock market proves to be successful, then BTC could also be expected to see a reversal of its own due to its correlation with the stocks. Bitcoin Price At the time of writing, Bitcoin’s price floats around $17.2k, up 1% in the last week. Over the past month, the crypto has lost 7% in value. Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":511841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87451,16399,1119,1144,3110,4707],"class_list":["post-511824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-nasdaq-correlation","tag-bitcoin-stock-market-correlation","tag-btc","tag-btcusd","tag-nasdaq","tag-stock-market"],"acf":[],"yoast_head":"\nQuant Explains How This Nasdaq Support Retest Could Also Help Reverse Bitcoin<\/title>\n<meta name=\"description\" content=\"A quant has explained why the recent retest of a critical support level by Nasdaq may help Bitcoin reverse its own trend. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Quant Explains How This Nasdaq Support Retest Could Also Help Reverse Bitcoin","url":"http:\/\/wncen.com\/news\/quant-explains-nasdaq-support-retest-reverse-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/quant-explains-nasdaq-support-retest-reverse-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/maxim-hopman-fiXLQXAhCfk-unsplash-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/maxim-hopman-fiXLQXAhCfk-unsplash-1-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin nasdaq correlation","bitcoin stock market correlation","btc","btcusd","nasdaq","stock market"],"dateCreated":"2022-12-10T00:00:34Z","datePublished":"2022-12-10T00:00:34Z","dateModified":"2024-06-11T14:31:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Quant Explains How This Nasdaq Support Retest Could Also Help Reverse Bitcoin\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/quant-explains-nasdaq-support-retest-reverse-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/quant-explains-nasdaq-support-retest-reverse-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/maxim-hopman-fiXLQXAhCfk-unsplash-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/maxim-hopman-fiXLQXAhCfk-unsplash-1-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin nasdaq correlation\",\"bitcoin stock market correlation\",\"btc\",\"btcusd\",\"nasdaq\",\"stock market\"],\"dateCreated\":\"2022-12-10T00:00:34Z\",\"datePublished\":\"2022-12-10T00:00:34Z\",\"dateModified\":\"2024-06-11T14:31:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/maxim-hopman-fiXLQXAhCfk-unsplash-1-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/511824"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=511824"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/511824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/511841"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=511824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=511824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=511824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}