Bitcoin (BTC) High chance for further move down to sub 6200's.
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After a long period of consolidation, Bitcoin has moved down out of the range. Surprisingly, funding rates are positive. A prolonged period of positive funding usually leads to a sell off.
The first volley of liquidations occurred at 6240 levels. If price goes lower than 6240, there is a very high chance we will dump much lower, possibly to 6070. Personally, I believe a drop to 5700 could occur.
I have been short Tron and XRP, while long Bitcoin, which I closed around 6317.
This could just be a bart down, and we may hold here while people build positions.
I would be short with a stop loss above 6320, and have a take profit area near 6070.
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The first volley of liquidations occurred at 6240 levels. If price goes lower than 6240, there is a very high chance we will dump much lower, possibly to 6070. Personally, I believe a drop to 5700 could occur.
I have been short Tron and XRP, while long Bitcoin, which I closed around 6317.
This could just be a bart down, and we may hold here while people build positions.
I would be short with a stop loss above 6320, and have a take profit area near 6070.
Thanks for viewing! I am collecting members for my private chat, please message me if interested.
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FinexAnmerkung
Another reason I am bearish currently.
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Update. Funding still very positive. If you look back a couple months, prolonged periods of extreme funding always lead to a move in the opposite direction.
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If you took the trade, you woAnmerkung
uld have been stopped out. Personally, I still suspect another bart down.Trade geschlossen: Ziel wurde erreicht
Actually coming back to this, you would have actually made money from the stop hunt down lol.
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