BTC 4h parallel channel hold or no

Good morning TView,
Hope y'all enjoyed my Bitcoin analysis. I will be posting more charts below that show overall market cap, Bitcoin's comparison to S&P500, and many other pieces of relevant information. Just look out for updates below.

Enjoy!

Comment:

Shorts are climbing toward all-time highs. Meanwhile the longs are in a slow and steady descent down.

Comment:

Here's the total market-cap of crypto. You can see the green was our ATH market-cap. The white is where we currently are. The two blue horizontals show our next area of support (market cap wise). And the red below is the final support in the market cap before things get really ugly, in my opinion. You do not want to come anywhere close to the red.

Comment:

I've been following BTC + SPY (purple) and trying to figure out a correlation for a while and it often seems the SPY leads the charge and the rest of the stock market and surrounding markets (incl. BTC and crypto) follows. I'm waiting to see if BTC will pick it back up and follow the SPY as it has clearly taken off since July.

Comment:

We are still well within the bounds of the large descending triangle (black). Remember that these follow prevailing trends. In this case that'd be a more bearish scenario. Also the small blue symmetrical triangle is still being formed, I'm trying to see if price is tightening within that as well.

Comment:

ETH is under $200 now coming toward to $188 support

Comment:

New weekly started yesterday and already looking like a bearish engulfing. Still 6 more days to go though!

Comment:

Weekly RSI that I've mentioned since June is still stuck in parallel channel and consistently creating lower highs but after the June low we were starting to creating higher lows and now finally last we broke down from that pattern and are using that same trend line for higher lows as resistance. Next level to watch is the June YTD low. This will be critical in watching to see if we break June's YTD low in price action.

Comment:

We moved down to $6250 pretty swiftly. Now we're trying to climb back from the trenches. As you can see that $6389 level, once support, is now holding us down as resistance. With a green 9, long wicks, and cloud turning red on the 30m chart, the trade reward at this range is not on your side.

Comment:

Climbing under the 30m cloud now on the red 11 now

Comment:

BTC monthly chart tells me an interesting story: The story of 3's

After the ~$20k high in December we followed it in January with a massive bearish candle with a high for $17.2k to a candle closing at $10.1k even though the low of that month went to $9100. Still this candle closed higher than December's opening. This January candle starts our sequence of candle 1 of 3. Candle 2 of February closed higher than candle 1 of January. Candle 3 of March, however, closed massively bearish at $6928. Following that we started a new count of the 3s sequence. Candle 1 of April was a nice bullish candle closing well above the March closing. Candle 2 of May closed lower than April yet higher than March's candle 3. Now following the second Candle 3 of June, it closed at $6384, lower than all the preceding candles since December. This created a lower low of Candle 3 in June from Candle 3 in March. Now we're on our third sequence of three's. Candle 1 of July clearly closed higher and yet again candle 2 of August closed lower than July. We're now in the middle of September and seeing if this story of 3s will continue. Will we close lower than the preceding 3s candles from March and June? If so, this will further validate our macro bear market.

I lean bearish .