Trend is still re-setting from $14k pump. I'm using recent price action > old price action - therefore $6xxx levels are mostly ignored. 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
- Price inefficiency fill
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 . 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.
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