Recently, the stock market broke from its consolidation to major resistance. We were anticipating it to break down which would have lead to our bearish prediction on BTC coming true. However, since it did not, it invalidated some minor bearish setups on BTC. After looking at the chart, I am remaining bearish on BTC. If we start closing above 17k-17.1k then I will consider all the bearish patterns invalidated and I will look for relief to the 18.7k-19.3k area. Until then, the major rising wedge(Yellow) on BTC is still valid and playing out down to the 15.5k area(primary view). I think the Stock market is going to get resistance and rejection from where it is(389-392) and continue its down trend to lower prices(351). This will drag BTC with it. BTC is currently in a channel ever since we lost 19.3k. So the most bullish outcome I see is revisiting the top of this channel before breaking down again. In general, I am still looking for the 8-11k region for the macro bear market bottom. When zooming out on the weekly, BTC seems to be in a giant symmetrical triangle on declining volume that is valid. The bearish perspective is my primary view until invalidated.
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Here is how I am watching the stock market to play out. IF we claim this major resistance, I will have to re-evaluate the market as that is a very significant level
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