With
1. Bitmex funding rate deep into negative @daily
2.DMI had a huge sell spike without followtru...ADX just start to catchig and be over extended (40+)
DMI bulls are knocking a low 10 mark @daily (usually a good accumulation sign. )This whole combo is usually a reversal (or at least a bottoming) sign
3.Bitcoin fear and greed index :21
Sure,these 3 indicators are not in the EXTREME zone but if price starts to retest prior low (42000ish) ,indicators will be extremely overextended!
42000usd/btc would be a 12% drop which is defenetley in the cards but that would push bitmex funding rate into deep negative ...and the tether printer would be on fire!
Conclusion: price will ping pong between 41-47k before pump to 52 k and beyond.
Alts will suffer.
Would I short this thing? HELL NO , instead I would look for long entries. Which I will probaly do.
1. Bitmex funding rate deep into negative @daily
2.DMI had a huge sell spike without followtru...ADX just start to catchig and be over extended (40+)
DMI bulls are knocking a low 10 mark @daily (usually a good accumulation sign. )This whole combo is usually a reversal (or at least a bottoming) sign
3.Bitcoin fear and greed index :21
Sure,these 3 indicators are not in the EXTREME zone but if price starts to retest prior low (42000ish) ,indicators will be extremely overextended!
42000usd/btc would be a 12% drop which is defenetley in the cards but that would push bitmex funding rate into deep negative ...and the tether printer would be on fire!
Conclusion: price will ping pong between 41-47k before pump to 52 k and beyond.
Alts will suffer.
Would I short this thing? HELL NO , instead I would look for long entries. Which I will probaly do.
Trade active:
That was a pretty decent call ,eh ? My God this thing moves slow....