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.
Chart of the Day - Friday, September 9th, 2022
September 9, 2022
