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Timeless_Crypto
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Bearish breadth (depth) across the board
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Timeless_Crypto
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Q VAH still remains a huge zone of friction This has crossed the level but what I mean by acceptance is #BTC needs to keep scrubbing around here and put in a multi day/week balance Compress above here, then good chance of a swift move higher But still premature to say this about to rocket here imo. If we round out and start drifting down slowly, there is a clear cut line where you play defence 104-103ish k to be traversed then take it from there imo #BTC
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Again I can't stress this enough This is simply a snapshot of the books as they currently stand Only way to decipher whether this holds is if we get transactions in and around these zones of interest What this indicates for now provided orders stand, that it will take a lot more volume to push market higher than it would be to mean revert it So with that in mind, a ranging environment is still more than likely A BlueSky breakout with this signature? Sure, but would need a catalyst or some impetus to carry momentum (market buyers are needed) I personally think, upside is still capped and will be playing ping pong in between #BTC
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Without a doubt it has been about #Fartcoin and $HYPE over the past quarter That said, I want to bring attention to the trade here For now looks to have reaccepted back inside yearly and qaurter value with an inability to reclaim the monthly vwap For now I think there is a high chance that the low we saw at 80 cents is not it Will eat a shit sandwich if wrong, but I think this is worth taking a contrarian bet on especially if you think $BTC can make another pull back over coming weeks I am betting on getting a bag lower than here and think the run it has had is certainly almost up in the interim
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This is the big bad boss and a place of invalidation for continuation down I suspect the big meat of move will come once the quarter is established and we have our bearings That said, this here is big resistance Flip, hold and cement auction we attack the 110s and new aths Fail, stall and show weakness into new quarter, we look for previous quarter vwap at 94 k GM #BTC
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The issue is the range had held for a while now People are still holding onto their leverage exposure with a lax attitude of "summer chop might continue and new aths are imminent anyways" This is a recipe for a trapdoor set up where we just run far lower than many are anticipating A lot of headline risk A lot of potential for pain Not a place to get comfortable and certainly a place you scrutinise your positioning for upside (im not concerned whether we are at range lows here, as I think big picture we distribute and sell into the mid 90s and potentially lower) See you on the other side Catch you next week #BTC
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