Bitcoin Short Squeeze in China! Head & Shoulders on the MFI
There was a short squeeze overnight due to high negative funding rates on Chinese exchanges. All night OKEX had a severe negative BTC funding rate (around -0.02%), but as soon as China restructured Evergrande this morning, the funding rate on Bitcoin went positive. That ended the short squeeze. Sources: coinalyze.net/bitcoin/funding-rate & coinglass.com/FundingRate
Also, there is a massive Head and Shoulders on the 25-minute MFI indicator (pictured above). It's a short timeframe, so the relevance of this bearish pattern will expire this week. There could be a large dump if Friday's CPI report is bad. Most likely, it won't be a good inflation report.
Also, there is a massive Head and Shoulders on the 25-minute MFI indicator (pictured above). It's a short timeframe, so the relevance of this bearish pattern will expire this week. There could be a large dump if Friday's CPI report is bad. Most likely, it won't be a good inflation report.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.