$462.73 million was withdrawn from #Bitcoin ETFs this week. This marks the largest weekly outflow in the past 10 weeks.
🇯🇵In addition to U.S. inflation, Japan’s CPI came in at 7.6%. Expectations: 7.4%. This is the highest level since February 2023. Interest rates will rise, which will hurt carry trades.
Despite a brief rally following the CPI release, $BTC remains below $78,000, and $ETH has fallen to $2,500.
Despite the LTF $BTC chop, all we’ve really been doing is repeatedly hunting longs below the previous lows.
So clearly, the objective has been to take out longs. The question is: why?
When the market continuously hunts one particular side, there’s usually a reason. More often than not, it’s because that’s the side the market eventually intends to reward.
Repeatedly sweeping the lows de-leverages the market and slowly destroys conviction in longs. Eventually, people become conditioned to expect every sweep to lead to the breakdown.
Then boom.
The final sweep marks the local bottom, and price expands back towards the highs.
The idea is simple: make the winning side as uncomfortable as possible. Force them out, make them lose conviction, and convince them they’re wrong.
Repeatedly hunting the lows after a major impulse does exactly that. #BTC Price Analysis# #Bitcoin #Crypto#
Chart Analysis: The price of #DOT is approaching the imbalance zone. If it enters this zone and maintains its position, it presents an optimal entry point for a long position.
Entry: A long position may be initiated within the imbalance zone, specifically between the $0.9930 and $1.0530 levels.
Main Target: Aim to surpass the current high of $1.2800.
There was a significant increase in price from the 62K zone to 82K; however, the price is currently experiencing a pullback after reaching those highs. I utilized Fibonacci retracement levels to maintain a straightforward analysis. The initial level at 77.5K (0.236 Fib) is currently being tested, with the price trading slightly below this mark. It appears that the price may drop to test the 74.6K zone next, which I find particularly noteworthy. If this level holds for a period, we could potentially see a sharp rebound, leading to a new high above 82K. My approach is not solely dependent on Fibonacci levels; I will primarily monitor how the price behaves above the 74K threshold.
Market took a deep to the red, but all of you educated folks reading. These will understand that THIS IS NEEDED, the current flush-out will allow more space for growth to continue and help test higher levels… looks very healthy if you ask me! All bluechip coins closely follow $BTC ‘s lead, so this speaks for everything ( $ETH , $SOL etc.) Stay focused, team 🔥
P.S. we are loading up on certain Low #MemeCoin Alts during this dip, there’s some very easy money to be made short term and we definitely will not miss out on these opportunities.
$BTC has been hovering around $78K for the fourth day running
Greed is at 70 - yet the market isn’t moving
Because everyone’s waiting: inflation figures are due today or tomorrow, and on the 15th or 16th the Fed is expected to raise rates with a ~60% probability