BitcoinShort
BTCUSD/SPX RATIO
Without zooming out to higher timeframes, one could see a rising bull pennant formation with a closeout date of approximately Dec 2022 - assuming BTC breaks to the upside 3/4 of the way through the price squeeze.
And even though BTC follows SPX in direction/price action, we can see that before the Oct 2020 swing low (start of the major bull run), BTC oscillated back and forth in a rising channel, until it broke out.
BTC needs that full reset/capitulation to the $28-30k level before we take off again. If this occurs, we can see the multi-month rising pennant will be invalidated, find a fresh bottom on the support bands shown, taking off again, and blasting through the line of resistance.
Now: Queue every permabull "trader" on Crypto Twitter who's been liquidated for the last 4 months in my comments section:
"Send it!!!...." "....to 150k...."
Keep dreaming young man.
And even though BTC follows SPX in direction/price action, we can see that before the Oct 2020 swing low (start of the major bull run), BTC oscillated back and forth in a rising channel, until it broke out.
BTC needs that full reset/capitulation to the $28-30k level before we take off again. If this occurs, we can see the multi-month rising pennant will be invalidated, find a fresh bottom on the support bands shown, taking off again, and blasting through the line of resistance.
Now: Queue every permabull "trader" on Crypto Twitter who's been liquidated for the last 4 months in my comments section:
"Send it!!!...." "....to 150k...."
Keep dreaming young man.
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