We have been following the dotted line downward for 34 days and although in the last few it seemed like it was going to break it and go test the upper part of the larger triangle formation, it did not and instead we have just gone back under the dotted line in an even slower pace.
If we take a look at the BTCUSDT liquidation heatmap from Coinglass with the lowest available frequency of 12 hours, there is a cluster of roughly 30M + between the prices of $60.2-60.45K and I definitely would not be surprised for a swipe under that into the region of $58-59K (where the smiley faces are). However, if we zoom out the heatmap frequency, we'll see that there is much more liquidation leverage above the current price than below, so there may not enough retail players going long for the whales to flush at the moment. After a swipe down, I don't see a reason why we don't go up to test the upper range of that triangle formation. Also, The top three stablecoin dominance combined chart is still following a nearly intact downtrend since September of 2023.
In my opinion, this LONG position would be invalidated if we break under the bull market support bands (blue and dark blue lines) onto a new low in the $55K range. At that point I would look to buy a little cheaper in the low $52-53K range. Although macro sentiment going into the summer doesn't seem very good, I don't think it'll be as bad as some are saying any time soon.
If we take a look at the BTCUSDT liquidation heatmap from Coinglass with the lowest available frequency of 12 hours, there is a cluster of roughly 30M + between the prices of $60.2-60.45K and I definitely would not be surprised for a swipe under that into the region of $58-59K (where the smiley faces are). However, if we zoom out the heatmap frequency, we'll see that there is much more liquidation leverage above the current price than below, so there may not enough retail players going long for the whales to flush at the moment. After a swipe down, I don't see a reason why we don't go up to test the upper range of that triangle formation. Also, The top three stablecoin dominance combined chart is still following a nearly intact downtrend since September of 2023.
In my opinion, this LONG position would be invalidated if we break under the bull market support bands (blue and dark blue lines) onto a new low in the $55K range. At that point I would look to buy a little cheaper in the low $52-53K range. Although macro sentiment going into the summer doesn't seem very good, I don't think it'll be as bad as some are saying any time soon.