Bitcoin is getting ready for a possible correction. In this video I go trough the books, talk price levels to look for and also very briefly talk trough some futures data. Next video I will cover some other points like futures premiums and swaps v spot basis or finex long/short ratios.
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turns out that derivatives have been consistently shorting making swaps trading bellow coinbase. With is good news to bulls at is more fuel for the rocket.
Under these condition we are likely to get into the 50k range.
If this keep this way also good odds we break upwards. This general asymmetric bearishness at resistance is something that favour the bull side.
Another excellent call. Correctly assessed the 30K bottom. Called this reversal.
At around what number does this pullback become a reversal?
simplejoe1
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forgive my ignorance, you mentioned in the video that if too many people think there's going to be a correction then the opposite may happen - it will shoot straight through the resistance. you also mentioned that there is low volume and low institution volume. would that indicate most people don't want to get in expecting a correction?
D7R
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@simplejoe1, the reality is if some big whale decide to step in in order to pierce through those resistances with half billion or actually a billion...it will. Michael Saylor could easily smash trough those walls at 37 and 50k. There is good chance that everyone is expecting pullback here that is why we are not also seeing serious fomo through the lens of volume. When that happen and all of us expecting pullback the changes the odds. At the moment eyes on derivative and see how they are trading vs spot.
while Binance and OKEX trade bellow spot odds favor upside.
Myron98
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At 2:10 mins... where do you get the data from the screenshot? Ive been trying to find something like this but i dont know where to find such a layout of spot order book like that. I would appreciate the info :)
thanks for this useful update. Actually I only follow your TA and from Mayfair ventures, you both do wonderful job. Keep it up!
BrianM20
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@versanojackets haha 😂 then you couldn't make yourself more confused. mayfair reasons that market Makers are out there to get all the longs and shorts and you gotta put yourself in their shoes. with this gentleman whom i don't follow but listen to, the argument is long vs shorts, the percentage, what indicators show. essentially both are bulls the difference lies where BTC lands before it gets to 5 ways bollestic move
Versano
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@BrianM20, I am aware, I think that both improve good work and I pick the good things from their analyses
At around what number does this pullback become a reversal?