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

Bitcoin FuturesCME GLOBEX

Description

⋅ Nov 22, 2019 3:08 PM

#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

Comments

Kairos-Alpha

⋅ Nov 22, 2019 3:30 PM

Good chart!

KassandrA_dotcom

⋅ Dec 14, 2019 1:59 PM

There is a GAP !

Gringo1nlx

⋅ Nov 22, 2019 10:47 PM

Great one

VisionCodeX

⋅ Nov 22, 2019 7:05 PM

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?

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

Agreed.