MacnBTC

#Bitcoin mid-term / Where is the bottom? / Levels to watch!

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CME:BTC1!   Bitcoin CME Futures
#Bitcoin mid-term prediction

Trend is still re-setting from $14k pump.

I'm using recent price action > old price action - therefore $6xxx levels are mostly ignored. CME price inefficiency in these levels adds confluence to this view.

$5100s is the definitive bottom for me.

Ton of confluence packed into one level:

- Double monthly VWAP
- Price inefficiency fill
- 200 wMA

Price dumped through $7350s trapping a lot of longs (liquidity). Now if price "were" to go back to this level I would 100% look to short. HARD.

Open interest (Bitmex) is still not showing anything bullish . Keeping stable and increasing.

What this means:
> Few shorts taking profit
> New blind longs opening

Funding is about to spike negative for the first time in a while - bulls should get some rest here shortly.

Keep updated by following me here and on Twitter: @MacNBTC
By MacNBTC ❄️🐺

Comments

Good chart!
+1 Reply
There is a GAP !
Reply
Great one
Reply
This person basically found my analysis on twitter and didn't give me any credit. Who has been calling for $5K all year and saying that's the place to load up?

https://twitter.com/VisionCodeX/status/1197952059955281920?s=20

Agreed.
Reply
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