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Bitcoin Price Update: May 2 - Oct. 4

Bitcoin What can we expect over the next few weeks? Remember anything can happen in the markets, so we need to think in terms of probability. Below is a short thread on what I am looking out for. Please retweet if you find these updates useful. BTC ETH

You need focus on SPX500 when trading BTC There is a v good chance that the June low gets taken out, which could push the low out into Oct. Minor low due around the 7th. This is a negative condition. Pinned tweet explains why this index was very likely to break down in Sept

Bitcoin There is some confluence with SPX500 in terms of the money flow pattern with a low due around the 6th Oct. This data is suggesting that any rally should fail as it moves into that tf, but we could anticipate a st bounce after this date.

You need to be aware that the Bitcoin cycle is negatively configured. It has failed. This is a bearish outlook & any rally should fail. Significant supports 17,8k (0.786), 17,1k (daily) & 16k (weekly). These are levels to watch into early Oct.

There's a lot of resistance above. A move towards 20-21k is possible but that should be met with heavy selling due to the patterns/ negative cycle. Consolidation above that, then we'd have to have reassess.

Based on current data, what seems most likely is a move down into early Oct (see SPX500) followed by another failed attempt at a rally. There's a lot happening in terms of cycle patterns in Nov/ Dec, so reasonable to assume a move down to 12-14k is possible in that window.

Therefore, bias continues to favour the short side. I'll update weekly plan on Sunday as per usual. Any questions you have, post below and i'll try to respond. Please like/ retweet if you find this content helpful.

This post is based on this twitter thread.

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