Bitcoin BTC Futures premiums are looking extremely high for December contracts at 21%, but we are yet to see a divergence in momentum. Swaps also trading excessively high with above 80$ diff between spot. Exception to OKEX who seem to rushing short which is naturally a contrarian (ie. more upside)
March need to close around 67k in order to keep in pace with the Monthly trendlines based on price close.
57 and 53k are currently best support/bidding zones.
Once we done with this possible retest back to the range, chances are that PA will become pretty insane over the next weeks powered by NGU™ Technology.
So I’m kind of an idiot about this but does open interest follow RSI or vice versa? Thanks!
D7R
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@Thboyer1, no. Open Interest doesn't have any direct correlation to price (or rsi) they can diverge. When OI decline implies positions getting closed (profit taking, stops or liquidations) but it has no direct correlation. The analysis is contextual and subjective
roy_everts
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Thank you very much.
Really like your way of explaining the market 👍🏻.