Stepping away from crypto for today for another read across. MSCI World Index which represents all of world equities has nearly a 90% correlation with Bitcoin.
The weekly chart shows MXWO approaching a key balance level of 2430, roughly 100 points lower. This is the resistance line that goes back to January 2020, and which was effectively the ceiling of the multi-month V shaped bottom that formed until August. In other words, price has returned to the top of the base that launched a 40% advance.
By itself that’s worth noting, but this potential support level also marks a 50% retracement from the November 2021 highs. In other words the move down will match the move up in the March to August 2020 base. Markets seek symmetry and balance and the upcoming level could have authority.