I’VE WATCHED BITCOIN SINCE 2017 - I’VE NEVER SEEN THIS xitter.cf/i/broadcasts/1wxWjlNoa… I've been studying BTC intently since 2017, and I can't recall a time where I saw liquidity and orderflow dynamics choreographed as well, or as blatantly as this. Wednesday we saw what appeared to be an epic battle in the Bitcoin order book, and the market watched to see if it would lead to a durable breakout. The day began with a buy wall of BTC price approaching the Q4 Open at $83.5k and a buy wall appearing at $83k, push price higher, squeeze shorts, and bait late buyers into a bull trap. But shortly after that buy wall appeared at $83k and price began to move up, large blocks of ask liquidity started stacking above $84k with secondary resistance laddered up to $85,250. Price then ate through resistance at $84k before support replenished at that level, corralling active traders into a very narrow range - at that point the bull trap was baited and set. After spending roughly 7 hours trading in an elevated range and luring more traders into longs, price rejected from $85k and a selloff began that unwound a week’s worth of market buying and retraced the entire move. The cascade that followed invalidated the attempt and liquidated over $500M in late longs. Now price is fighting for support at the 50-Day SMA for the 9th time in a 2 week period. Before you react and get caught in the next directional trap, remind yourself that wicks don’t count - confirmation comes after closes. If you missed a short from the top of the range, this isn’t the place to chase one, because price is flirting with a technical support/resistance flip at the 50-Day SMA, and it certainly isn’t the place to open a long - for the exact same reason. BTC price can develop 3 different ways from here: Find support before a CHoCH at the LL, close above the 50-Day SMA, then aim for a retest of resistance in the range between the 21-Day SMA and the Q4 Open Lose support at the LL, validate a CHoCH from HH/HL and extend the downtrend Chop in the range above the adjacent low and below the adjacent high - high risk