Funding still up near .52% for the current session ending in 50 minutes & estimated .8% for the following. After a failure on 3 attempts to break the 9400 resistance, buying volume keeps decreasing & selling pressure is staying the same at worst. Would expect at a minimum, 9200 to be retested but more than likely we head to the top of the old TR around 8950. Would like to see a strong volume bounce there to have faith in this rally extending, but would be surprised if we get it. Meanwhile, all major indicators showing bearish divergences, confirming the signals supply and demand are showing us right now.
Given sentiment and bullish parading after blasting up above $9k but on rather "squeezy" price action, max pain theory (market will move in whatever direction causes the most pain for the most people) seems to indicate a short term down trend as being most likely.
Lastly, all the major alt charts vs usd still look like death. much lower highs on very weak volume during the last btc run. Not finding a lot to be confident on in this market right now, despite btc being up 25% in the past couple weeks here.
Given sentiment and bullish parading after blasting up above $9k but on rather "squeezy" price action, max pain theory (market will move in whatever direction causes the most pain for the most people) seems to indicate a short term down trend as being most likely.
Lastly, all the major alt charts vs usd still look like death. much lower highs on very weak volume during the last btc run. Not finding a lot to be confident on in this market right now, despite btc being up 25% in the past couple weeks here.