Bitcoin sitting right under the 50k resistance. Books confirm a lot of sell pressure but above 52k that liquidity quickly disappears.
This suggest this may be temporary blockage and the fact we marked up so fast on low volumes toward this ranges create condition for a consolidation where a lot of bear will show up and short the derivatives market.
We already see funding rates declining and derivatives exchanges like Binance futures and OKEX trading bellow Coinbase spot while open interest is high.
I think as more bears pile into their shorts this will create the necessary conditions to pierce through those 50k-52k orders.
While price trades above 44k it is structurally bullish (according to my own interpretation). I currently see the 46.7 as nice bidding range in case we see quick visit there. But overall if more short pile more likely we will end up piercing trough the 50k sooner.
For those interested here's an EXCELLENT interview with Caitlin Long and George Gammon on why Wallstreet with their traditional finance products (and mindset) will get rekt trying to 'tame' Bitcoin. I recommend whole interview but from minute 33:50 Caitlin drop nuclear bombshells. youtube.com/watch?v=Nu04oDtbc8M
A well-grounded, finely detailed analysis that really clears the picture in a rather difficult to analyze situation.
D7R
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t@goraxes_, thanks! indeed this it's difficult because there is so many technical reasons for this to see a pullback yet there is data that support at least a move toward the 60k.
jccp_eu
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your accent is pretty funny, reminds me myself :P Great inputs an analysis on your vids. keep it up.
@D7R I am also interested. Thank you for your analyses!
baemau5
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@D7R would like to know the order book tool as well
simplejoe1
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very useful update. the daily RSI is showing a slow down in the uptrend. is that something to be concerned about?
D7R
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@simplejoe1, while inside the monthly structure is difficult to make big deal out of what RSI which is just a derivative of price at the end of the day.