A quant has explained why the recent retest of a critical support level by Nasdaq may help Bitcoin reverse its own trend.
Nasdaq-100 Has Recently Retested A Critical Support Trendline
As pointed out by an analyst in a CryptoQuant post, Nasdaq-100 is currently above a support line that has historically been important.
Nasdaq-100 (NDX) is a stock market index that includes 102 equity securities issued by 101 of the largest non-financial companies (based on their market caps) listed on the Nasdaq stock exchange.
Here is a chart that shows how this trendline has acted as a bounce in the index’s price over the past decade:
As you can see in the above graph, the price of NDX has been supported five times by this trendline since the year 2010. In each of these instances, the line has put a check on the decline in the index, and has consequently reversed it back up.
Recently, the Nasdaq-100 index has once again made a touch of this trendline, and has so far managed to stay above it.
The qua
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