On February 28, 2024 it was noted that a descending triangle was forming in the Euro and it is similar to what occurred in 2020 – 2021. Based on current futures trader position calculations the Euro, at this point, is a Bitcoin leading indicator. The Euro is in a position similar to where it was on August 5, 2021. Bitcoin did not start to move lower in 2021 until the Euro dropped out of the descending triangle in mid-November 2021. Bitcoin and the Euro appear to be repeating the same process developed in late 2021.
Stock charts courtesy of StockCharts.com.
