Bitcoin [BTC]: This Is HUGE For Crypto! Watch ASAP.

Market Update

The market may have finally reached its low, with nearly $1 billion in liquidations, eliminating weak hands and over-leveraged players.

• The market structure has fallen into a typical corrective pattern.
• Trends have not yet turned back up, and it's very early days.

Key Signals

• A signal being tracked is for $1 billion in liquidations to mark a pivot point.
• Almost $1 billion in liquidations may be enough to put a pivot point low in the market.
• The long-short ratio was at 50-50, and a breakdown or breakout is likely to be a genuine move.

Market Data

• Liquidation data shows nearly $1 billion in liquidations.
• The market has slowed down, but the downtrend has not stopped.
• A huge uptick in volume, up 220% at $334 billion, is a healthy figure.

Technical Analysis

• The total market cap trends remain down.
• A potential triple bottom is forming, which is a very bullish signal.
• The confirmation signal being tracked is getting on top of the 50% level, which is around $3.37 trillion.
• Bitcoin on the weekly time frame has pierced beneath a trend line, but is back on top of it.
• On the daily time frame, the trends are neutral, and the volume is high.

Elliott Wave

• The market structure is playing ball almost perfectly, with a wave four correction.
• The end of the wave four correction would get the market into the fifth and final leg.
• A low volume rally is a warning sign, and the market needs to see trend changes above $100,000 to confirm the low is in.

Next Steps

• Wait for trend changes on top of the 50% level to confirm the low is in.
• Monitor volume and trend changes on multiple time frames.
• Be cautious of a low volume rally, which could be a weak rally and a high chance of failing.