Bitcoin [BTC]: "It's Over For Crypto" I'm Out If THIS Happens.

Market Analysis and Insights

The cryptocurrency market is currently experiencing a correction within an ongoing bull market. Key observations include:

• Increased liquidation data, with $577 million in the last 24 hours, indicating a potential pause in the downtrend.
• The long-short ratio favors the short side, with 51.5% short versus 48.5% long, suggesting a potential snap back to equilibrium.
• High ETF inflows, almost reaching $1 billion in a day, which can lead to market tops.
• Low exchange volume, currently at $50 billion per day, which may indicate unsustainable rallies.

Bitcoin Analysis

• The weekly chart shows a major support zone at $91,300, with a breakdown and close beneath this level being a major warning sign.
• The daily chart shows a bounce away from the close, with an uptick in volume, indicating potential short-term support.
• Key levels to watch include $97,130, $99,000 to $100,000, and $102,000, which may act as resistance or support areas.

Timing Analysis

• The current correction is 13 days from peak to trough, which is relatively short compared to previous corrections in the cycle.
• The timing chart suggests that corrections typically last one to three months after breaking back into new cycle highs.
• The Elliott Wave cycle indicates that we may be in the third major upswing, with a potential fifth and final leg to come.

Get Out Signal

• A breakdown of short-term support and extension in the down move, followed by a failed attempt at the lows, would be a major red flag indicating a potential bear market.
• This signal would prompt a reevaluation of the portfolio and potential adjustments to the investment strategy.