#BTC Short Setup

TP1 28k
TP2 The bottom of 2022

too much #BTC inflow.

We are focusing only on #BTC at the moment because its center of crypto market, when we have confirmation about reversal, we will jump in alts as well but currently its only to project #BTC movement

Soo Many times we see sentiments of the market change rapidly and it's not only Whale 🐳 which affects the market but also macro factors just as interest rate, inflation rate etc.

Right now October is not looking Bullish because we haven't seen any bullish momentum yet. But if we notice this: ⬇️

• #BTC + equities volatility ATL
• Leverage Ratio ATH
• Open interest highest in months
• $BTC pegged to 19k, tight range

We can expect a Bullish move soon and then again we will see a change in sentiments.

#BTC/USDT ANALYSIS

BTC is moving in a rectangular chart pattern on 2h TF. It has cleared stops above the horizontal resistance and below the horizontal support.

The price is in a contraction phase. The short-term liquidity has cleared, and we can anticipate a high volume next move.

A solid breakout above the horizontal resistance would confirm an upward direction, while a sustained breakdown of the rectangular channel would be a bearish sign for the market.

⚫According to data from Glassnode, #Bitcoin miners have stopped selling and are accumulating the cryptocurrency instead.

⚫This change in behavior could be a positive sign for the market and the overall #BTC miner activity has been a reliable indicator of market bottoms in the past.

⚫However, there are many other factors that can impact the price of Bitcoin.

#BTC UPDATE: #BTC is still hanging around 27500 to 28k plus minus region. There is a surprise upside move in #BTC can come to eliminate shorters and this can go straight up and if passed above 32k/36k convincingly then it can carry on to further highs to 38k to 44K plus minus in APRIL / MAY 2023. #ICP spot signal is still valid. Need to book profit as markets will be highly volatile with quick up / down moves.

#BTC/USDT ANALYSIS

BTC pumped after clearing downward liquidity below the horizontal support and breakout the descending triangle with a good volume. MACD crossover is showing bullish momentum.

Currently, it is facing horizontal resistance. A solid breakout of the horizontal resistance or a successful retest above the Ichimoku cloud would bring a strong bullish rally in the market.

#zCrypto Technical Insights===> #BTC bullish stance intact even if it drop backs , it is ready to hit above 40K in phase 1 and can go higher to 60K plus minus to try to setup new ATH. So keep buying the dip if it happens and fingers crossed

#BTC/USDT ANALYSIS

BTC is consolidating below the neckline of the head & shoulder pattern. Currently, it is holding above the $26500 and MA 100 support. MACD crossover is showing neutral signs.

A sustained breakdown of the MA 100 would confirm a further downward move toward the horizontal support. If it bounces from here and reclaims the neckline of the head & shoulder then that would be an indication of bullish energy back into the market.