S&P 500 / $SPY

Trendline "A" is broken, but still in play. This line has been used as support and resistance since January 2022.
Trendline "C" is also still in play if my readjusted Trendline "B" support holds.
I readjusted Trendline "B" since it broke last week following news of SVB going bankrupt
- This trendline is the last support line before price breaks into a new downtrend
  - My bottom target remains at ~$320 range on the $SPY
- What we want to see is a continued uptrend in the channel between Trendlines "B" and "C"
  - But if banks continue to borrow and trade on margin, SVB might be just the first of several other banks to collapse
  - Let's look at margin accounts:
    - There are clear signs of de-risking as margin accounts close following high inflation rates triggered from reckless monetary policies in 2020/2021
    - Almost there, but not quite. Margin accounts need to correct some more (more pain coming in the markets) before we rebound and recover
    - If you recall back in November 2022, I predicted this would happen:

Bitcoin / $BTC

Very different from the S&P - there's high demand for Bitcoin (as anticipated) following news of SVB's collapse.
Bitcoin has yet to experience a 2008-like crisis - so it will be interesting to see how Bitcoin's price plays out if additional banks fail and investors gravitate to a "hard money" self-custody alternative like Bitcoin and cryptocurrencies
We saw price test ~$19,500 again and rapidly bounce back to $22,000 range.
- It appears the window for buying sub-$20k is shrinking
On the other hand, the uptrending support line broke and turned into resistance
- Which is ok if the uptrend continues
Daily RSI hit its oversold levels and price is currently rebounding.
- However, take a look at the RSI trendline in red
- Still possible for more downside, particularly if CPI prints tomorrow are unfavorable and the Fed gets aggressive again next week
- Overall, this is good - the longer the RSI stays in oversold territory while price stays above $20k reinforces the likelihood of seeing $30-40k Bitcoin this cycle.

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Money Monday: Crude Oil, S&P, Bitcoin, The Fed