Despite the LTF $BTC chop, all we’ve really been doing is repeatedly hunting longs below the previous lows. So clearly, the objective has been to take out longs. The question is: why? When the market continuously hunts one particular side, there’s usually a reason. More often than not, it’s because that’s the side the market eventually intends to reward. Repeatedly sweeping the lows de-leverages the market and slowly destroys conviction in longs. Eventually, people become conditioned to expect every sweep to lead to the breakdown. Then boom. The final sweep marks the local bottom, and price expands back towards the highs. The idea is simple: make the winning side as uncomfortable as possible. Force them out, make them lose conviction, and convince them they’re wrong. Repeatedly hunting the lows after a major impulse does exactly that.