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Bitcoin Charts: $BTC Looking Weak And ‘Impossible’

BTC is currently looking weak and could re-test the lows soon, although a bear trap might actually be in play….

Let’s take a look at the charts 👇🏼 🧵 (1/10)

Honestly I believe the bottom for BTC is closer than most think, yet many things can happen in between

BTC has been in a tight range since the FTX collapse although with volatility so low, a big move is coming soon…

BTC won’t see an exciting move until we break the range marked below between 16.9k - 16.4k

There are 2 scenarios I can see playing out here in the short - medium term timeframe once we break the range (next tweet)

BTC will likely try to take the liquidity pool down to 16.4k now, but a break below this range will see us retest the 15.6k range

We could also see a scam wick down to this 16.4k area and then a push out of the zone to trap bears

Both are plausible

What I’m more concerned with is the fact that DXY seems to have built a medium time frame support at the 103.7 level

See the wicks circled below on the weekly timeframe, as a result we may see a trend upwards in Q1 if this doesn’t change, although it’s likely short lived

As a result of DXY finding support and SPX rejecting the monthly downward trend line the area to hold here on SPX is 3762


If this level is lost this week, any hope of pushing back up to retest is unlikely and we probably see green boxes taken below👇

Here’s where we are on the high time frame perspective for SPX

Nothing has changed yet, trend still intact

Both potential bottom ranges can be seen marked by the horizontal lines 👇🏼

On the higher timeframe for BTC if we break the 15k lows we will see a push down to the 14k level which likely holds

In a worst case scenario we see the 11.5k range, this is likely to happen only if SPX hits our lower range

SUMMARY: (1/2)

- BTC will likely retest the lows in short term

- 20K is still in play until the lows are broken

- Watching for any form of HTF support at the current lows as a sign to go long on BTC

SUMMARY: (2/2)

- SPX and DXY don’t look favourable for crypto currently

- If SPX continues to dump we likely see new lows for crypto, at which point I think we bottom completely

- A move up to 20k in Q1 can still result in new lows afterwards

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This post is based on this twitter thread.


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