Thread by @cryptodude999

$BTC After an extensive crypto market analysis, here are my observations:

95% of alts Bitcoin pair charts look like trash. I'm not interested in longing any alts right now. I'm sure that there are some which will perform well, but I'm not going to waste my time trying to find a needle in a haystack.

I have both bullish and bearish arguments for Bitcoin. One thing I know for certain is the next move is absolutely critical. Next move either takes us to $14k+ or down towards $7500.

First let's start with bullish arguments. (1/2)

On the monthly graph we had our highest close since 2019 - right above the previous highs.

14k resistance has been weakened twice and I doubt a third touch would hold. Monthly RSI is looking up.

(2/2) On the daily graph we have a structure which looks like a "Bump and Run" (BARR) pattern. We've managed to S/R flip 11k (previous short-term high). Last days choppy action could be bullish consolidation.

Onto the bearish arguments. (1/2)

We've retested both the daily and weekly supply and so far faced with rejection.

These 2 candles on the weekly chart are gruesome and hints a trend reversal.

Distribution takes time, and daily is painting a bear flag.

(2/2) I'm sensing real weakness for gold and stocks. Unfortunately the crypto market has been moving in very similar ways for the past months. This could be due to a weakening, and finally strengthening dollar

If dollar pumps, I expect the crypto market to bleed alongside others

Because of the way stocks and gold are looking, I'm leaning bearish.

I have great short entries on both $BTC and $ETH - $12k and $470. I don't want to throw them away for swing moves that I'm not certain of. I believe riding out my entries are the smartest move for me right now.

There you have it. TA is all about being able to create a thesis out of all this noise and properly executing setups on top of it.

This is what the dude sees and does. Hope it helps one or two

Peace