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Bitcoin really is at the edge of a cliff, a close below $62465 Today signals $48k or lower. Many people are waiting for 56k, and we have reasons to bounce from 58k/56k, but if we keep closing bearish structure, those bounces will just be into newly formed resistance and live just enough to bring in hopes & dreams of a bottom before squashing them.
Sorry if that sounds bearish, but it just is what it is.. they don't make resistance on the charts if the HTF intention is to go up. Until then, bounces are liquidity inducement to drag people back into longs which makes it easier to go down, the bigger the bounces are is just a sign that less people believe in longs and it takes more to convince them to come back.
Closing structure is all that counts, when it starts to flip bullish, we're back, until then we keep looking for the next short.
2H until close.. let's see if they flip it bullish, or keep it bearish.
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🚨 How Long and How Much Lower Before $SOL Bounces This Trend Back To $109 ?
Watching.. If this happens, I wonder what narrative people will attach?
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Interesting Data. 48 hours into Recording average structural price hold levels for a basket of 550 tradable assets.
1. Market overall moving up.
2. Same Time holds polarizing to the downside and in break positions.
3. Holds Break / Market Pulls back.
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Also check out the Fib Lab website for more tools & updates.
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Who’s watching? Drop your thoughts below 👀