October 22: I’m watching two things today.
First, can $BTC 84,253 (+1.4%) hold? The Fear & Greed Index is already at 68, in the greed zone, and more people will keep chasing the rally.
Second, can $ETH 2,479 (+1.2%) keep up? BTC’s funding rate is only 0.0005%. Leverage hasn’t entered the market yet, which suggests this rally is being driven by spot buying, not leverage.
My take: a spot-driven rebound is healthier than one fueled by leverage, but chasing in the greed zone doesn’t have a high win rate. I’ll wait for a pullback before reassessing. I’m not chasing today.
$BTC
First, can $BTC 84,253 (+1.4%) hold? The Fear & Greed Index is already at 68, in the greed zone, and more people will keep chasing the rally.
Second, can $ETH 2,479 (+1.2%) keep up? BTC’s funding rate is only 0.0005%. Leverage hasn’t entered the market yet, which suggests this rally is being driven by spot buying, not leverage.
My take: a spot-driven rebound is healthier than one fueled by leverage, but chasing in the greed zone doesn’t have a high win rate. I’ll wait for a pullback before reassessing. I’m not chasing today.
$BTC