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#BTC# Update
BTC broke out into a new all-time high and made a 6% correction from the top. The big drop came after the terrible PPI numbers and people suddenly got terrified. CT is burning with people calling for lower.
However, S&P didn't even blink and the market is still pricing in a 92.5% possibility of a rate cut despite the PPI numbers.
At 117,560 there was the EQ of the range before the breakout. It worked as a support level many times, so there was liquidity below it. I expected that level to be swept before the move up, but the vice versa happened.
Now, the new EQ of our August range is at 118,220. BTC will resume its run once it flips that level into support.
115,700 is the next support level and yes there is liquidity below it as well. On the other hand, people are expecting lower and opening short positions. A very large amount of liquidity formed at 119,600 larger than any point on the weekly liquidity heatmap. Funding is below the neutral rate.
I am not blindly bullish but nothing has changed according to my plan, so I remain bullish.