At this moment bitcoin is making a downward move. Is this just a pullback or is it a mid-term trend change. Considering all the confluence in the 8200-8000 area I'm leaning towards a pullback.
Confluences in the area are: Fib .382 RH-RL, 21DEMA, 200DEMA and previous structure creating a demand zone. Because of the cluttering of support I expect at least a bounce in this region which makes it a good place to long.
First target would be 8600, followed by 8800 if those levels are reached everyting will be reassessed. This is necessary because Funding and Premium Index are still ticking possitive which would mean longs pay short.
Confluences in the area are: Fib .382 RH-RL, 21DEMA, 200DEMA and previous structure creating a demand zone. Because of the cluttering of support I expect at least a bounce in this region which makes it a good place to long.
First target would be 8600, followed by 8800 if those levels are reached everyting will be reassessed. This is necessary because Funding and Premium Index are still ticking possitive which would mean longs pay short.
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Comment:
cdn.discordapp.com/a...AAAAAElFTkSuQmCC.png
cdn.discordapp.com/a...AAAABJRU5ErkJggg.png
Orderbooks on Binance and Mex are layered with bids unlikely it breaks below, at least first try without a bounce. Im looking for orders to fill, right now there is a sell algo/trailing sell walls on mex, probably to get those orders filled. Once those trailing walls are removed and a buy algo is flipped on this has a big chance of running up.
cdn.discordapp.com/a...AAAABJRU5ErkJggg.png
Orderbooks on Binance and Mex are layered with bids unlikely it breaks below, at least first try without a bounce. Im looking for orders to fill, right now there is a sell algo/trailing sell walls on mex, probably to get those orders filled. Once those trailing walls are removed and a buy algo is flipped on this has a big chance of running up.