The price is still holding on to the lower edge of the parallel channel of an uptrend.
The four-hour Senkou span B cloud support also kicking in here.
The Fibonacci channel 1 level of support has now switched to resistance.
I would not be surprised to see a pump to 8100 before the whole thing rolls over again primarily due to the number of shorts in play as seen in the Bitmex Funding and premium index. The shorts who are late to the game tend to get rekd on the way down during pomps just as much as traders who long the top of every bounce on the way down.
The four-hour Senkou span B cloud support also kicking in here.
The Fibonacci channel 1 level of support has now switched to resistance.
I would not be surprised to see a pump to 8100 before the whole thing rolls over again primarily due to the number of shorts in play as seen in the Bitmex Funding and premium index. The shorts who are late to the game tend to get rekd on the way down during pomps just as much as traders who long the top of every bounce on the way down.
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