BTCUSDT Correction before another All-Time-High
I've thinking that short term market sentiment little bearish for this perspective. Multiple reasons that support my thesis about couple days of corrections
1. Grayscale effect, Grayscale Unlocking event will be start at February, 2021. So no pump from Grayscale, even though Grayscale accumulate 32710 BTC in the last 7 Days and 64874 BTC in the last 30 Days.
All deals takes in OTC from couple institutional mainly as Coinbase. I've seen couple weeks from now the Grayscale effects will take in the part of Bitcoin All Time High.
2. Many top traders still open Short Positions.
3. COT CME BTC, from the data i gathered that the Leveraged Funds making new all time high net short positions. Short term bearish for Bitcoin also.
4. Retail keep longing the dips, from funding rate data. So wiping retail longs will be a new fresh start of next month Bitcoin rally.
My key take away that we swept low at yearly open and touch 50% Internal Retracement (29069)
And then will shake most of the long positions that built by retail traders. 1-2 Choppy weeks from now.
Good luck, Always manage your risk.
1. Grayscale effect, Grayscale Unlocking event will be start at February, 2021. So no pump from Grayscale, even though Grayscale accumulate 32710 BTC in the last 7 Days and 64874 BTC in the last 30 Days.
All deals takes in OTC from couple institutional mainly as Coinbase. I've seen couple weeks from now the Grayscale effects will take in the part of Bitcoin All Time High.
2. Many top traders still open Short Positions.
3. COT CME BTC, from the data i gathered that the Leveraged Funds making new all time high net short positions. Short term bearish for Bitcoin also.
4. Retail keep longing the dips, from funding rate data. So wiping retail longs will be a new fresh start of next month Bitcoin rally.
My key take away that we swept low at yearly open and touch 50% Internal Retracement (29069)
And then will shake most of the long positions that built by retail traders. 1-2 Choppy weeks from now.
Good luck, Always manage your risk.
Trade active:
Entry at 29069
Comment:
My SL if its consolidate so long at this point. I'll get out ASAP
Trade closed: target reached:
Closed half my position at 37800