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.