Technical analysis by decklyndubs about Symbol BTC on 8/17/2024

Based on historic cycles, I've noticed that BTC is the first to show risk off sentiment in the market. This time may be different, but next week what I'm testing for is BTC to start to retreat towards 44k to show a broader weakness in the market. 2021/2022 BTC and crypto showed the market direction _before_ equity started to retreat on the rate hike cycle, so I'm watching for BTC correlation to flip negative vs equity. When that happens, I'll start to try to hang onto shorts against equity indices, especially nasdaq. DJI is also a bit more sane, but after the tech selloff, Nasdaq has become a bit more tradable on the downturns as well.Targets for BTC are either up just under the recent high, or else I'm checking down for 44k. It's at an inflection point in the channel now. For there i'll be looking for a channel test. I wouldn't be surprised to see a 27k BTC if I'm reading things right.We'll see, I can't predict the future, but this is what I'm looking for to gauge the market's wisdom in terms of what's coming.