1/ Bitcoin Bearish or Bullish?

Bitcoin is consolidating under ATH but are we bearish or bullish?

I decided to write this thread and show some of my analysis and thought process.

TLDR on 7/

2/ BLX Weekly

Many of you remember I posted a macro EW count back in April indicating that we were about to embark on the 5th and final leg of an Elliott Wave cycle. I believe we are currently on the 4th wave prior to the 5th and final wave. Here is an update on that chart

3/ Charts by my buddy @TheDegenInside that showcase the potential for us entering an accumulation range. Its a bit too early to call, but this range is beginning to look eerily similar to the accumulation range we had back in Sept-Oct (Notice hash ribbons has flashed a buy)

4/ Funding Index & Open Interest

#1 Funding index is flipping back negative in favor of bulls. Notice the similarity now and back in Sept-Oct.

#2 OI from OKEX/Binance/Bybit decreasing, while price is ranging (shorts are not increasing, longs TP)

5/ BTC CME COT Data

Commitment of Traders is showing a rapid increase in leveraged funds and large specs net short. Now notice Grayscales rapid growth in BTC holdings.

Money is flowing into BTC --> Big Boys are hedging

6/ DXY

The hopium killer. Dollar has been in a slide all year and entering area of support (M1 OB). There is a bull div forming on D1. Congress is debating on passing another stimulus bill. This would most likely break the OB and continue the down slide (= bullish btc)

7/ TLDR

Still too early to tell, but all evidence points Up. Better for BTC if we consolidate in this range, accumulate, then explode Q1/Q2 2021.

DXY is the key here. Losing Monthly support will most definitely = BTC to new astronomical highs.

As always just an opinion. DYOR