Hi all,
I am so surprised on tight correlation between Bitcoin and USA500.IDX price action.
If you look at the chart above you can see a lot of similar price actions in both instruments. What is quite interesting few weeks ago correlation was shifted by 1 week but presently it seems that correlation is without any shift.
And price of Bitcoin and USA500 index is very similar presently, Bitcoin price is 2661 USD and USA500.IDX price is 2432 USD. I just wonder how long it will take for these prices to move even closer.
Of course Bitcoin is far more volatile than USA500.IDX but I think for a time being these two prices will stay quite similar.
And if we can predict to which direction shift will move we might be able to predict coming price action of one instrument by last price action of another instrument.
It is worth further analysis.
So lets see how things will develop further...
BR,
rokasltu