Bitcoin (BTC) • Some important resistance levels ahead
تم تحديثه
Bitcoin showing signs of live with impressive moves in short period of time.
The liquidity presents in nearly all exchanges between 37-and 40k was sufficient to spoof weaker bears and let bull take control.... for the moment.
We just broke the 47k resistance which is significant and that is why we also produce some great volumes and liquidations along the way.
Next the 49-50k seems to have some stronger orders which suggest a pullback a momentary buy the dip pullback before proceeding to what is the most important levels around 58-60k
58-60k is equivalent to the monthly candle Doji consolidation zones plus the quarterly open as resistances
There are some aspects of the monthly chart like the RSI and Volumes that i still don't like what I am seeing in there hopefully breaking 58k-60k and closing above it would make this turn more promising. As such, instead of fomo all-in it is adequate to have moderate approach in terms of risk management to the long side.
Also important to note if price reaches the 60k and funding or swaps basis still skewed towards the negative side (benefiting longs) it is terrible idea to short even if it is an hedge position.
Forward Futures premiums also broke the ongoing downtrend pressure which is bullish for the moment (remind this can change very quickly)
Overall the daily is looking good and the weekly is starting to looking good specially if we manage to remain above the 47k levels.
The liquidity presents in nearly all exchanges between 37-and 40k was sufficient to spoof weaker bears and let bull take control.... for the moment.
We just broke the 47k resistance which is significant and that is why we also produce some great volumes and liquidations along the way.
Next the 49-50k seems to have some stronger orders which suggest a pullback a momentary buy the dip pullback before proceeding to what is the most important levels around 58-60k
58-60k is equivalent to the monthly candle Doji consolidation zones plus the quarterly open as resistances
There are some aspects of the monthly chart like the RSI and Volumes that i still don't like what I am seeing in there hopefully breaking 58k-60k and closing above it would make this turn more promising. As such, instead of fomo all-in it is adequate to have moderate approach in terms of risk management to the long side.
Also important to note if price reaches the 60k and funding or swaps basis still skewed towards the negative side (benefiting longs) it is terrible idea to short even if it is an hedge position.
Forward Futures premiums also broke the ongoing downtrend pressure which is bullish for the moment (remind this can change very quickly)
Overall the daily is looking good and the weekly is starting to looking good specially if we manage to remain above the 47k levels.
ملاحظة
Something that I am finding odd is that that cluster of volumes I checked it out to be majority sell volume. This is very unusual for a price up move.
ملاحظة
Funding Rates flipping negative. Orders at 49-50k and 53K are currently well protected. Which require caution on those long since since odd start favoring pullback inside the range. Books bellow 45k look "naked".Current intraday PA is giving Bull trap vibes specially with most coinbase volume since the pump is mainly strong selling delta
ملاحظة
Something that also still remains is the Grayscale Bitcoin trust premium currently at -14% (this is not good)
D7R
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