$202 million more in sell orders than buy orders within 5% of price.
But here's what's interesting. That imbalance was over $600M a couple weeks ago. Each bounce is eating into the sell side bit by bit. Buyers are absorbing supply on every push up.
Problem is, look at price. Lower highs every single time. Buyers chew through a chunk of sellers, run out of gas, and price rolls over again. Then the sell side reloads.
Absorption only matters if buyers can sustain it. Right now they show up, take a bite, and disappear. The sell side thins out a little, then fills right back up.
The imbalance is slowly shrinking. But until buyers can actually hold a rally instead of fading every push, it's just bounces getting sold into over and over.
When #Bitcoin was 90k it broke down from a bearish penant & i gave targets as low as 60k. That played out with 100% accuracy.
Unfortunately the same exact bearish pennant is repeating one more time with targets of 38-50k $BTC .
This is why we have been trading 1-2 coins at a time, take profits, & repeat.
Even though the market is in its lNever ending pain” era, we are still finding gems to print with and averaging around 30% profit per gem 💎. I will always keep finding gems with you.
$BTC dropped below $67,000 once again, liquidating $300M over the past 24 hours.
Now, $BTC is testing the $65,000 - $67,000 liquidity zone - and these zones rarely get tapped without a reaction.
But here’s the interesting part…
At $69,000 - $72,000 we now have huge liquidity clusters forming, which means once this downside sweep is over, the $69,000 - $72,000 upside liquidity becomes an obvious magnet.
Stronger looking chart compared to $ETH . Up almost 30% from the lows, which makes waiting for the sweep of the lows at $67 little unlikely, unless the $70-75k support is lost which largely depends on how BTC performs at these levels
Alternatively, if we can get above $90, should lead to some relief. $BTC
Alright, quick update on our bottom call, called out 2 weeks ago. This was and remains my most important tweet written out in recent history.
That is, to call the bottom the very day $BTC hit 63k for the first time in a long time, and so far, claiming it holds for 2 months at least.
It was given during the very day the bottom took place, and during a time price was rushing down and the entire space was calling for 50k loudly and clearly.
We have the silver pocket to thank for it, our ever important htf POI (even if it falls through, it still gives us a large amount of trades), the sentiment, and the large spread of perps-spot orders we haven't seen in a long time.
That's what has been my simple call, and what I continue to stand for.
We indeed keep things simple, but as precise as possible coherent to the existing universe of data.
This call is important, because it allows us to trade the range, and treat it as a range + bottom, making money, with trades. And meanwhile, it means we might surprise the majority with a move out of it.
Not important yet what my stance on that is, more on that later. For now, it's important to recognize we have a significant amount of time left, and should respect that.
2 weeks in, 2 weeks of identifying the correct environment (and trading it, more importantly). More to come. Bottom holding, continuing to trade the range whilst not expecting new lows, instead, the opposite. #BTC #Bitcoin $BTC
$BTC Here are some important liquidation levels for Bitcoin along with the levels which must hold.
Essentially the $66k to $64.6k zone is our golden pocket.
Price has not wicked till $64.6k so there remains an open possibility about it.
I am prepared if market sweeps the $65k low this week and reclaims upwards. That would fulfill our liquidations too.
The $76k level is of course not possible until we are breaking above $72k and for that we must hold where we are right now. Market is failing to break that $72k zone multiple times.
As we warned in our last post: "Do not mistake this bounce for a new Bull Market.”
We are currently consolidating in Wave 4.
Technical Reality: • Resistance: Price is struggling to break the 0.382 Fib ($71,689). • Pattern: A bearish continuation structure (Red Lines) is forming. • Projection: The blue path shows one final shakeout before the real drop!
The trend is still your friend, and the trend is DOWN! $BTC $SOL $ZEC