Stock market bears have been preaching that the stock market has been due for the DOOM correction ever since the covid recovery began. Their arguments have tantalized the analytical mind and a slew of data and indicators have supposably backed up their thesis. However, with the fed's clownish monetary policy wind in its sails, the S&P 500 has steamed full speed...
This is just idea but i watch for something like this, short squeeze to 48k, then retail will go fomo long and the big players will push the market down to take their liqs. Not sure but funding is still negative and most of peoples are bearish and wait 34-36k.
As you can see we are currently sitting near the demand, After a pin bar reversal in 4H. Also we can see there is a divergence in the daily chart.
Keeping in mind we dont go near 28k where I would be out, I think this might lead us to test 46ish area where we broke down from.
Intermediary I would be aiming for the supply, near the last swing high at...
So bitcoin came into the 55k and bounced exactly as speculated in my previous video.
Now the key is this current ongoing price sustainability above 58k.
That means that we now have good directional bias and invalidation of that would be price trading und 58k again.
One note that funding rates are still very high and so are swaps V spot basis. Futures premiums...
Resistance has been broken and we're back to the price discovery for BTC.
ps. Awaiting for ETH turn
Information is just for educational purposes, never financial advice. Always do your own research.
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