We are at Major level of Horizontal Resistance. This horizontal is remarkable, because this one acted as a support of the Descending Triangle (that eventually broke down late September) and stopped that unprecedented 43% pump within 2 days in late October.
Some bullish factors: Key Resistance was tested multiple times + CMF looks just incredible + we are 1 day away from getting a Golden Cross between EMA50 & EMA200 on the daily.
The tension is definitely present on the market and this somehow reminds me the crossing between this MAs in October right before that crazy pump (do you remember it?). Back then the picture was very bearish (btw, check the BitMEX Funding Rate at that time) and the Death Cross was supposed to be the last confirmation, but that pump averted it.
Next
Look at the BitMEX Funding Rate! It’s not as high as it was in June 2019 during the last act of that irrational rally to 14k, but it’s been while since we saw such imbalance. Usually such a picture leads to severe dumps.
Moreover, Open Interest has just crossed $1 billion! Historically speaking, whenever the Open Interest hit $1b it led to a significant decline in price. Will it be different this time?
Coincidentally (oh, really?), this Friday is the last day of the month and also CME BTC Futures expiration!
Get ready, guys! Something Big is Coming!
What do you think about it! Share your opinion in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
Some bullish factors: Key Resistance was tested multiple times + CMF looks just incredible + we are 1 day away from getting a Golden Cross between EMA50 & EMA200 on the daily.
The tension is definitely present on the market and this somehow reminds me the crossing between this MAs in October right before that crazy pump (do you remember it?). Back then the picture was very bearish (btw, check the BitMEX Funding Rate at that time) and the Death Cross was supposed to be the last confirmation, but that pump averted it.
Next
Look at the BitMEX Funding Rate! It’s not as high as it was in June 2019 during the last act of that irrational rally to 14k, but it’s been while since we saw such imbalance. Usually such a picture leads to severe dumps.
Moreover, Open Interest has just crossed $1 billion! Historically speaking, whenever the Open Interest hit $1b it led to a significant decline in price. Will it be different this time?
Coincidentally (oh, really?), this Friday is the last day of the month and also CME BTC Futures expiration!
Get ready, guys! Something Big is Coming!
What do you think about it! Share your opinion in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
🥇 Best Exchange for Leveraged Trading is ByBit
🚀💰 REGISTER HERE AND GET UP TO $30,000 WELCOME BONUS -> partner.bybit.com/b/cryptobullet
Twitter link: twitter.com/CryptoBullet1
🚀💰 REGISTER HERE AND GET UP TO $30,000 WELCOME BONUS -> partner.bybit.com/b/cryptobullet
Twitter link: twitter.com/CryptoBullet1