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CrypNuevo 🔨 2 minutes reading from Bitcoin

Bitcoin and FTC: Market Direction

BTC Sunday update:

This is going to be a heavy update.

So let's dive into it with a brief look at SPX and other assets... to try to understand where the market is heading to.

Will the FTX situation affect the market?

The recent events in crypto make BTC look more like a risk asset than a store of value asset, as confidence is one of the characteristics of a store of value asset.

Some money might start to flow into store of value assets like GOLD i.e.

CrypNuevo 🔨 on Twitter

This is another thing I'm not liking:

I posted a SPX chart some days ago with the 2 liquidity pools (LP) and a potential scenario.

Let's see if it follows the plan, but so far it is recovering the LP to the upside first 👀👍

Remember that BTC tends to follow SPX

There are some good news though.

BTC hit the main liquidation level in high time frame at 17.4k and filled the wick at 16.2k (1W) chart.

There is no many more retail liquidations below really.

But there is still an imabalance around 14k.

Ideally, I would like to see a range between 16k and 18k for 1-2 weeks. That's when CT will be impatient and call this a bottom.

Then a dump to 14k to fill the liquidity pool below. But time will tell...

Feel free to share your analysis/thoughts below 👌

This post is based on this twitter thread.

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