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$INJ entered a truly dangerous zone here; it lost a key support and started to trade with a bearish structure.
All eyes are on this trend line. Bulls want to reclaim it; otherwise, we might keep dropping further down.
No Accumulation, No PO3. ๐ค๐ป
Without liquidity collection, there is no real move.
Accumulation is the silent foundation upon which every successful PO3 is built.
$NEAR is stuck in a range here, and I think that we'll start to see a clear direction when Bitcoin moves.
If Bitcoin moves upwards = sign of strength for the entire markets = liquidity moves back into the assets which have shown strength prior to the entire correction of Bitcoin = $NEAR, $HYPE, $ZEC, $WLD, $ONDO will start to shine again.
I'm remaining fully allocated into this position as I assume we'll start to see a lot of momentum once the markets turn back upwards.
Do you spot any difference?
Something that not many have noticed is that $Eth has a completely different top structure than $Btc.
$Btc has swept most of its highs for months before continuing lower (fake higher highs and higher lows on smaller timeframes to trap liquidity).
So the remaining liquidity is not the same as in $Eth.
Looking at $Eth โs chart, the structure doesnโt look toppy at all, it looks more corrective.
It has been making Lower Highs and Lower Lows for months and has left almost all of its highs unswept.
This gives me extra confluence that market makers will likely return to sweep all these unswept highs.
In contrast, $Btc can still form a Lower High based on its top structure.
(I give to this scenario a low probability, but itโs still possible)
So now itโs $Eth โs turn, in my opinion to do the work.
$Btc vs $Eth
$btc countertrend shorts
Quick update: at worst would expect a sweep of this or overall bounce high.
If we just go up and accept above those highs, we imo head straight to our long target of 66k where I close the longs except runners, and this idea is wrong.
Reminder that it's a low conviction countertrend short, but one I wanted to take none the less.
So for now, still holding onto it.
$ETH is still trading within this bear flag.
A breakout above the $1,700 level is needed for a move towards $1,850-$1,900.
Otherwise, the chances of Ethereum sweeping lows around $1,500 will go up.
$GBPJPY trade update [2]
I moved my stop loss once, like I mentioned in the quoted post. It was a good decision not to open a second short position and just wait instead โ we never closed out of the supply.
Kind of unfortunate how quickly this setup went from one of the cleanest to suddenly one of the choppiest. But it is what it is. Just expecting to get stopped out at this point.
I'll update you if I see anything worth taking, though it's already had two chances to go lower and didn't.
Stop loss size reduced by 50%.