This morning, it plunged to 12.2. A lot of people thought it would drop another leg, but the first thing the person on my watchlist did was check how many long positions were still open in the futures market.
Open interest fell from 9.2 million contracts to 8.1 million, and the funding rate flipped from positive to negative—wiping out a big chunk of the leveraged positions piled up above. The price is lower, but there are fewer people still on board.
The 12–12.5 range he was waiting for has been hit twice this week. That wick on the 8th reached 12.09—the order was already sitting there; this isn’t me explaining it after the fact.
One condition: BTC must not accelerate downward through 80,000. It’s just over 3% away from that level now.
At this level, are you buying, waiting, or staying out? Leave a comment below, and we’ll compare notes tomorrow. #LINK #futures
Open interest fell from 9.2 million contracts to 8.1 million, and the funding rate flipped from positive to negative—wiping out a big chunk of the leveraged positions piled up above. The price is lower, but there are fewer people still on board.
The 12–12.5 range he was waiting for has been hit twice this week. That wick on the 8th reached 12.09—the order was already sitting there; this isn’t me explaining it after the fact.
One condition: BTC must not accelerate downward through 80,000. It’s just over 3% away from that level now.
At this level, are you buying, waiting, or staying out? Leave a comment below, and we’ll compare notes tomorrow. #LINK #futures