$BTC State of the market and my view:
Funding rate remains positive, heavy spot selling from Coinbase with the deepest Coinbase discount in 2 months, Open Interest keeps rising.
Meanwhile price is just slow bleeding as dip buying longs keep getting squeezed.
For these moves to reverse in the short term you usually first want a proper long flush where Open Interest dives and shorts start covering.
ETFs saw their biggest ouflows in weeks yesterday and today looks like it's going to be a big one as well. So you'd need that spot selling to slow down as well.
We're seeing nothing of that yet. No reason for me to participate in the long side until some of those things clear or we get a proper liquidation candle.
The level to retake for the bulls remains $83K. That would likely squeeze out some late shorts and cause some relief. Daily closes above that level would be key.
On the downside $75K & $72K are the main high timeframe levels. Also has the Daily 200MA/EMA and bull market support band sitting in that region. Most of those do tend to get tested at some point during a high timeframe market reversal.
There is no problem just taking it chill after the amazing few months we've just had. The biggest mistake is to give back what the market has given you when things turn and the market environment goes from easy mode to hard mode again.
$BTC
Funding rate remains positive, heavy spot selling from Coinbase with the deepest Coinbase discount in 2 months, Open Interest keeps rising.
Meanwhile price is just slow bleeding as dip buying longs keep getting squeezed.
For these moves to reverse in the short term you usually first want a proper long flush where Open Interest dives and shorts start covering.
ETFs saw their biggest ouflows in weeks yesterday and today looks like it's going to be a big one as well. So you'd need that spot selling to slow down as well.
We're seeing nothing of that yet. No reason for me to participate in the long side until some of those things clear or we get a proper liquidation candle.
The level to retake for the bulls remains $83K. That would likely squeeze out some late shorts and cause some relief. Daily closes above that level would be key.
On the downside $75K & $72K are the main high timeframe levels. Also has the Daily 200MA/EMA and bull market support band sitting in that region. Most of those do tend to get tested at some point during a high timeframe market reversal.
There is no problem just taking it chill after the amazing few months we've just had. The biggest mistake is to give back what the market has given you when things turn and the market environment goes from easy mode to hard mode again.
$BTC