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Bitcoin (BTC) • OK - changed my mind - exterminate all bears
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After reassessment of the charts, volumes, books, perpetual swaps vs spot. I think I was absolutely wrong in thinking we are were running into a bulltrap at 47.
I do not think that anymore due to the ongoing strength coming out of coinbase. That strength is predominately huge buy (real) volumes.
There some resistances at 47 and 49k (close to the psychological round number resistance of 50k) <--- This is confirmed by looking at the order-books
We may see some pullback at those ranges. At that point we need to see how swaps and funding rates will behave but as of now everything is looking steady.
On the other hand I also believe there are a lot of bears ready to short the market at those range and I wonder... if they are setting up to end up getting EXTERMINATED.
It is possible. we can develop a trading range between 45 and 50k where a lot of shorts will promptly pile in but end up providing the liquidity to the next leg up toward the 59k resistance range. that wouldn't surprise me at all
Swaps trading bellow spot 👇
Trend and RSI looking good on the daily. 👇
Get the Perpetual Swap v Spot basis script here 👇
I do not think that anymore due to the ongoing strength coming out of coinbase. That strength is predominately huge buy (real) volumes.
There some resistances at 47 and 49k (close to the psychological round number resistance of 50k) <--- This is confirmed by looking at the order-books
We may see some pullback at those ranges. At that point we need to see how swaps and funding rates will behave but as of now everything is looking steady.
On the other hand I also believe there are a lot of bears ready to short the market at those range and I wonder... if they are setting up to end up getting EXTERMINATED.
It is possible. we can develop a trading range between 45 and 50k where a lot of shorts will promptly pile in but end up providing the liquidity to the next leg up toward the 59k resistance range. that wouldn't surprise me at all
Swaps trading bellow spot 👇
Trend and RSI looking good on the daily. 👇
Get the Perpetual Swap v Spot basis script here 👇
註釋
Also not covered in the video is the substantial rise in open interest which is something of concern. Global OI is back to February levels (ie. high af) A lot of shorts got liquidated but volumes produced out of it is really not that impressive so far.
D7R
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