Nice momentum showing up on Bitcoin. We pierced right through 35 and 37k important levels. Price now need to sustain above the 35k to be in relatively bullish waters before next resistance range.
However, we are not yet back into high probably bull market trend since we have the 45-47k as a very significant range (50% between local top and local lows)) and we didn't see significant volume capitulations at lows. The only thing that was super bullish during past weeks was the consistent negative funding rates but they were not super negative either and we are now observing a quick slight flip in those rates.
Higher timeframes are still in flat waters with no clear direction since we are trading inside the price established weekly ranges
Be aware that most price action since the drop has characteristics of a trading range and it's likely we see some shakeouts so that alts get pushed down vs bitcoin dominance even further. I cover some of that in the video.
As usual the video went long because I also cover futures data points, some new and some old, but on balance all useful information to learn from and keen an eye on.
LET ME KNOW if I should do smaller videos but more often and different points (not cover all) here and there instead of one massive weekly video.
My regards to all Moon Kings out there 👑🌖
Kommentar
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Swaps v Spot basis keep turning to negative. This is particularly significant if have both OKEX and Binance trading bellow. This increase the odd of upside from here.
Short-lived momentum, great for scalpers! We are still in a major downtrend. So be cautious!
D7R
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@MoonBets, I would say that at the moment we are in "neutral" waters. IF we trade bellow 35k (range equilibrium) then we back to downtrend until we regain 35k again. thanks for the coins 👍
watchtrend
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@D7R, Thanks for your great content. i expect this are a great moment for BTC uptrend
Mudrex
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Great advice as always. Loved the word of caution for the FOMO investors. Volume is always a great determiner of the momentum in the markets.
richardjeffrey
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Agree with this it will reach $ 250k- $ 300k next yr. Fed already announce that they will increase then interest rates on 2023 it means bitcoin has a big chance to make a good move this 2021-2022, so what ever correction we see right is a window oppurtunity to buy, we see it last night bitcoin bounce at $ 28,000, its a matter of days bitcoin will break $ 40k
We are still in a major downtrend. So be cautious!