Bakkt ETF Update - 12th December LIVE!!
12th December 2018 is an exciting day for the crypto space, as Bakkt ‘should’ go live with their physically backed Futures contracts. It is less than a month away so fingers crossed people! Hopefully this could be the start the next bull run, we will just have to wait and see.
Now, I am not a fan of Trade Analysis (TA) of the crypto markets, as most of it is extremely inaccurate. BUT, (and a bit BUT) if we compare bitcoin to all the traditional stock markets at the moment we can see an increased correlation. Some people think that is not true but just use the compare function on Trading View, and what you will see is quite interesting.
Bitcoin follows the dips in the stock market, and it follows the gains also.
It would appear that when the price of bitcoin is stable, like it is now, we are seeing an increased correlation.
There is also an alternative way to measure this, if you click on the Indicators, then search for CORR, then you will find Correlation Coefficient, you can add any symbol you want and then it will show you the correlation between that asset or commodity and the price of bitcoin.
As of today looking at the daily charts the correlation is quite positive over the last couple of weeks, and even a month.
The last time we saw correlation like this was just before the last bull market in 2017…SO, with the Bakkt news and this in mind…I am starting to get a little bit excited. Not too excited though as we know how crypto likes to shatter dreams!
What do you guys think? Talk to me!
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