MacnBTC

IS THE BITCOIN BOTTOM IN?? - NEED TO SEE ANALYSIS

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
#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 . Both: @MacNBTC
By MacNBTC β„οΈπŸΊ

Comments

Hi.
I've been following your analysis.
What is your current take?
Reply
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