Good "now", everyone. I hope you're doing well today ☘️
Red.

Red. Crash and Bloodbath.

Is what some people talk about.

...

Is it that grave? Is a crash so imminent? What can be expected? I hope to answer all these questions in the present article.
This is my second Bitcoin Overhaul. Let's see what the scenario is, and the likely outcomes that may arise from it.
🔥BTC's Update - April 30th🔥
I must start by saying that the recent pump towards $64600, aiming at $65000 was nothing but a Bull Trap. It served only to hurt BTC much more than it was already hurt.
ETF or not, people are always so passionate and hopeful about this concept. No. ETFs won't save you from a crash simply because no man, regardless of how rich, can break the simplest of the Laws of Physics and start flying around. That is, Bitcoin, like any Market, follows a set of definite Laws about Market Healthiness, Market Drive, Market Moment, and Sentiment.
ETFs are not Gods. Are not Saviors. Because we need no saviors. Bitcoin already follows a cycle, thus let the cycle, cycle.
Once again, people just want things to rise and just want the price to nonstop increase, this is not sustainable. If only we had a correction before or during the Halving, the Market would be much more stable now. But no. No. People just had to push the price higher and higher, resisting and resisting a correction, because they are blind to the simplest concept of Balance and try to make everything unbalanced, ultimately leading to uncertainty and chaos.
Let the balance reach an equilibrium again, please. Let the price fall and let the cycle, cycle.
Let the Bull Market start, after the Long Awaited crash.
Okay, now that I'm done with complaining about the Laws of Physics (=Market), and complaining about how overly bullish some people are, let's take a look at the current scenario.

📶Local Indicators
I. 2h RMO shows a Strong Bull response to the recent dump, with -2.14/-3, "asset oversold" signal.
II. Local PDIs are giving out a "dump" signal, both even below 40/70.
Thus, the local indicators support a price increase from here, and in fact, a price increase is to be expected.
However. We are Locked in between a Major Support and a newly established Major Resistance.
The recent rise of BTC to $64600 served only to establish this aberrant $63800-$65300 Resistance, which is as strong as the Major $60000-$59000 Support. This was the price of pumping even further while being weakened.
Now, even if the Locals manage to increase the price as they support; the price is not expected to break this newly-formed resistance, because unless we get a massive input of money in BTC, there is no strength to push higher.
This will get clear as we check the Global Indicators.
🛜Global Indicators

I. Open Interest.
Ever since the $1.2 Billion hit on Open Interest, this indicator has been pretty bearish and supportive of a downtrend. It hasn't recovered yet, but at least it wasn't increasing as the price falls. Now it is. Now Open Interest is increasing as the price decreases, and you know what that means?
It's simple, when Volume increases, Open Interest Increases and Price Decreases, it's called a Healthy Downtrend, where both new money is coming in to long an asset, but also new money coming to short this asset. Since the price is decreasing and bears are having control of this market, the Smart Money is the money being added to short, and with this commitment, OI is in favor of a crash.
II. Volume Delta
Ever since the two crashes that have been attributed to Israel x Iran War, Volume has been decreasing every single day, with Sell Volume being slightly more expressive than Buy Volume. This shows a Bear dominance.
Volume has been decreasing. This is bad for the market. Market thrives when the volume is high, when negotiations are being made; when money is flowing. The progressive decrease in Volume establishes fear since it opposes any recover or solidification of the current price for a pump, and thus leads to massive selloffs, as we are seeing happening.
Thus, Global Signals support, more than ever, a Market Crash, to then account for all the pump BTC has experienced so far.
Open interest is no longer just supporting a downtrend; it is increasing and supporting a crash. This is a very important flag to what is going to happen during the next hours or days.
If we crash, where are we going? How low can it get?
💥Liquidation Levels and Where They Are

Let's quickly talk about Dominance first. It is increasing, people are coming back to BTC to either Long or Short, and Altcoins are expected to fall sharply because of that.
Now, on the Liquidations.
As seen in the image, there is a particularly scary liquidation at $60300 that although is a solo signal, is pretty big when looking at the circle size. This means there is a lot of money to be liquidated there.
$59500 and $58400 are minor liquidations, and the price is not going to be helped by liquidations as much, as it passes through this level.
Thus, above $57000, There is Room for a recovery, and room for BTC to establish a Trading Range between 57k and 60k, before either recovering more, or falling more.
Below $56900 is where the problem lives. In the event of a commitment below this level, there is an accumulation of Bull positions ready to be liquidated, and the price may readily fall towards $54000. I want you, reader, to be aware of this, and to take notes of this, because you can use this to better allocate your funds and positions.
A strong, Long Liquidating Zone, exists betweeen $56900-$54000. If the market reaches this point with sufficiently high Open Interest, which has increased due to money flowing into BTC, then we might go even deeper. Deeper into a full-sized correction.
What lies below $54000?

Aaah... Just look at this monstrosity.
I hope we never touch this level, because if we do, BTC with a "Dumped Status" will exist 🤣
Well, in between $53500-$50500 there isn't much support for a dump on the Liquidations side alone: price has to commit in order to dump more by itself, rather than relying on liquidations for that.
Price is expected to establish a 51k-55k Trading Range if we ever get in this position.
Anything entering $50400 risks a free fall due to liquidations accumulating. If BTC ever pierces this area, a final trading range is expected to appear.
A final Trading Range is expected to exist between $48000 and $51000, and in this position, I hope the Whales won't let the $47500 region be pierced, the same as they did multiple times with the $60000 support.
Whales have been playing a pivotal role recently, not allowing the price to fall much further from $60000. These same whales must be in charge of resisting against the $47500 zone, because this one is much more dangerous than falling towards $55000.
If Bitcoin ever enters this Formidable $47500-$37500, a final crash is expected to occur, and nothing but a bull market will be ahead.
But honestly, I don't believe we will reach this level. I believe in a soft-correction that also works fine for a bull market. If we get dumped to $36000, that would be a strong correction and would give rise to an incredibly strong Bull Market thereafter. But I don't think it's needed. I don't think it's supposed to happen.
📑A Caveat, and a Conclusion with Personal Remarks
I am a believer of Balance.
I believe things have to follow the natural cycle so that they can benefit from it.
I see Bitcoin, so pumped and full of people trying to pump it even more, and I wonder why. Because for each pump, the more delicate it gets, and the harder the pressure for correction becomes.
I wonder if they know what they are doing.
Anyway, I believe in the $52000 Correction but I am not personally fond of a correction that perpasses much further. I wouldn't like to live in a world where Bitcoin is going down to $36000 again; both because that would hurt my portfolio a lot, and because "it's just too much".
I fear not for Bitcoin "going towards zero", because I know this will never happen. But I fear because while this strengthens the bull market, many many people will go broke with this, and many corporations will just fear to touch crypto. We will find ourselves in a long bull market; that will take a lot of time to once again reach the all time high.
I don't think such levels of dump are necessary, but if they come, I want you to know that the more we dump, the stronger the Bull Market gets. That's a concept that's very important to have in mind.
Regardless of Trading Ranges and everything, I still recommend you, reader, to pick a couple of coins of your interest, coins with potential, such as CLV, such as ENA, such as SAGA (although many don't believe in it), such as TNSR, such as REI, pick these coins and start buying; it will pay off greatly in the future.
Expect a crash because correction is only natural to happen from here. And even if they succeed in pushing the price high again, this only makes things more delicate.
That's what I have to say in this Overhaul. Have the liquidation levels in a handbook so that you can plan your movements better; and I hope this article can illustrate why the correction is coming, and why it is needed.
Take care, and I will see you in the next reviews.
~ Green ☘️
Oh yeah, if you liked this piece, 👍Like and 🔃Quote. Articles like this don't get near the same visibility as braindead posts of those reposters we see all around, so every interaction is appreciated! And of course, you may throw me a dollar if you found this extra-helpful ✌️