Here is why I think $BTC will dump hard soon
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1/ For reference; here is a $SPY & $BTC overlay, I think the chart speaks for itself. What happens to one, happens to the other. The data is relatively interchangeable.
2/ Since Dec '21 we keep seeing the same pattern of consolidation range, fakeout pump to trap liquidity, then dump into another leg down; rinse & repeat. Historically new ATH retrace is 85% which puts us around 10k.
3/ This bear flag is significantly bigger. We have been consolidating for 60days and the range is getting tighter. The longer the consolidation the bigger the breakout.
4/ $SPY rejected this confluence point in this supply zone, Fibonacci golden pocket, upper resistance band of falling wedge and volume shelf. FOMC minutes today will result in a big move, potentially hawkish.
5/ Bulls are trying to hold this level, 9.6m orderblock
6/ Significant liquidations today and there is another big liquidation level at $23,210.
7/ Similar to #Blackrock Aladdin AI bot that crawls the internet to gauge sentiment more accurately than a basic Fear/Greed Index remains significantly bearish.
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