ETH/BTC still not at our range lows so still think a sweep of the lows at $1504 is likely (and I think that's where we bottom, avoiding our HTF inval level at $1385) but can see an argument for a relief rally to around $1700 first.
Mindful of both scenarios with interest in a potential long on a sweep of that $1504, if/when it comes.
ethereum:native
$BTC LTF Elliott Wave
I called this move 15 days ago when everyone was lost.
Wave 3 printed below $60k
Wave 4 bounced to $67k
What now ?
One last low, then I'm buying everything.
🐋 WHALE WATCH: Bitcoin just put in its worst weekly candle since the FTX collapse in 2022.
According to Bloomberg reports the recent selling pressure has wiped out a massive amount of market value. We have not seen this kind of consecutive red closing data in a long time.
Historically these extreme flushes are what it takes to clear out late leverage and find a true floor.
Are you buying this drop or waiting for lower targets ?
Stop comparing this correction to past bear markets.
We’re still mid-cycle.
A significantly extended cycle.
At the first bullish inflection since 2020.
THE WEAKEST BITCOIN HANDS ARE FINALLY GIVING UP
Bitcoin just recorded the biggest short-term holder capitulation in history.
Recent buyers are selling at record losses.
Historically, this is where stronger hands step in and absorb supply.
📸 @_checkonchain
$BTC has taken out all the downside liquidity, and we will now pump to new highs.
You will soon hear Moonboys saying this on the timeline.
But the reality is there's a massive liquidity cluster around $55,000-$65,000 which will eventually be taken out.
That doesn't mean a bounceback won't happen here, but Bitcoin hasn't bottomed yet.
$ETH A ton of marginally lower highs or equal highs created over the past few weeks.
Primarily this local area around ~$2150 is pretty interesting from a liquidity standpoint.
Of course the trend is down, and I'd like to see us get there first. But I think breaking back above that area could give a decent spark for a squeeze.
Easiest play would be to wait for that confirmation first as it's a counter trend move. Should offer a decent follow-up if it occurs I assume.
$SOL showing mixed short-term weakness but strong long-term structure. 📈
Bearish flag breakdown could sweep liquidity below $51, but every major correction still looks like a buying opportunity for higher targets.
$17,100,000 Prize Pool:
https://t.co/TuWf8qnjqT
#SOL
The $TOTAL Market Cap is still in this range and wasn't able to overcome the November lows on its first attempt.
Would not be surprised if this hangs around this area from the past few months for a while.
Level to retake is that ~$2.75T area which coincides with $BTC around $82K-$84K's resistance area.
$BTC Has been in a down trend on the high timeframe since topping in October.
But since the February bottom, Bitcoin has been in a local up trend.
This just shows you how market structure and trends are all about perspective and you should also use this during your trading.
Bulls have had the upper hand in the past 2-3 months but for all we know, this was just another lower high in the big down trend.
This is why it's important to also make a change between your short term trades and long term spot holdings. Each should be treated differently.
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