BTC - Macro points to more down
Updated
BTC Top pattern analysis (outlined in yellow) suggests BTC remains in a bearish formation. Comparison analysis trends corollate across MA, RSI, Market Structure.
The Scenario points to:
- PAST: Price rally up was expected (although long entries on ALTs was hard due to lag behind BTC)
- PRESENT: Scenario suggests current price would begin to level off - might continue to run to the 50MA then large scale chop for a couple of weeks max. ALTs hitting long exits - e.g. LUNA. Suggests this is not a buying area - more profit taking.
- FUTURE: BTC price movement moves towards final 2 bearish impulses down and corresponds to my SPX Big Short which is also playing out as well - Any new substantial short looks like a week or so away
Will BTC go down? The market may not repeat but often rhymes. Counter to this is the possibility of a Running Flat Correction.
Best, Hard Forky
Market Top
SPX
Immediate-term ALT action
The Scenario points to:
- PAST: Price rally up was expected (although long entries on ALTs was hard due to lag behind BTC)
- PRESENT: Scenario suggests current price would begin to level off - might continue to run to the 50MA then large scale chop for a couple of weeks max. ALTs hitting long exits - e.g. LUNA. Suggests this is not a buying area - more profit taking.
- FUTURE: BTC price movement moves towards final 2 bearish impulses down and corresponds to my SPX Big Short which is also playing out as well - Any new substantial short looks like a week or so away
Will BTC go down? The market may not repeat but often rhymes. Counter to this is the possibility of a Running Flat Correction.
Best, Hard Forky
Market Top
SPX
Immediate-term ALT action
Note
Initial Short EntryNote
Short Target is just north of 
42K 
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.