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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

- (THIS IS IMPORTANT)

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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