We technical broke the ATH but some signs from futures & options that require caution about taking long positions here.
We have altcoins with random pumps going on and futures markets extremely extended Open Interest wise plus positive funding rates.
Most perpetual swaps still trading consistently above spot and sudden spikes on CME open interest are registered.
Market sentiment is overly super bullish with calls for 100k and 200k. I would personally be cautious here specially now that trend and momentum seem to break from the recent bullish outlook.
The books currently see strong orders specially at around 70k extending toward the 75k. Most of this recent rally absorbed (got distributed) all the buy orders. If we get to a point price move past liquidity zone where there are no order then we are like to 1) see nasty reverse of trend 2) complete breakout with fast price moves toward 100k. Due to how futures look I'm currently sitting on the bearish camp.
Despite all the bearish vibes coming from futures. Ultimately we should respect price action and the trend.
Stay safe!
We have altcoins with random pumps going on and futures markets extremely extended Open Interest wise plus positive funding rates.
Most perpetual swaps still trading consistently above spot and sudden spikes on CME open interest are registered.
Market sentiment is overly super bullish with calls for 100k and 200k. I would personally be cautious here specially now that trend and momentum seem to break from the recent bullish outlook.
The books currently see strong orders specially at around 70k extending toward the 75k. Most of this recent rally absorbed (got distributed) all the buy orders. If we get to a point price move past liquidity zone where there are no order then we are like to 1) see nasty reverse of trend 2) complete breakout with fast price moves toward 100k. Due to how futures look I'm currently sitting on the bearish camp.
Despite all the bearish vibes coming from futures. Ultimately we should respect price action and the trend.
Stay safe!
D7R
