BTC looks to be on sale in the coming days.
Approach this weekend with caution if you’re re trading short term action. I would personally sit this weekend out all together.
This comes from a combination of positive funding rates on-chain and a slow bleed over the past 24 hours leading into the weekend that has traditionally been red.
This price action indicates that we may see a test to the bottom of the bollinger bands which brings us to a sub 60k level. This price action is generally brought on by large holders attempting to grab larger amounts at a discounted rate(as quickly as possible)
Liquidation levels are high at the 58k-59k level which could cause a cascading effect of lower trading leading into next week.
Approach this weekend with caution if you are placing new longs.
I wouldnt lose too much sleep if we see a larger than normal big move down as it should be temporary.
If you are utilizing leveraged longs heading into the weekend….May god have mercy on your soul.
On a macro scale, I still remain extremely bullish on BTC and see it closing out the month at yet another record close.
Approach this weekend with caution if you’re re trading short term action. I would personally sit this weekend out all together.
This comes from a combination of positive funding rates on-chain and a slow bleed over the past 24 hours leading into the weekend that has traditionally been red.
This price action indicates that we may see a test to the bottom of the bollinger bands which brings us to a sub 60k level. This price action is generally brought on by large holders attempting to grab larger amounts at a discounted rate(as quickly as possible)
Liquidation levels are high at the 58k-59k level which could cause a cascading effect of lower trading leading into next week.
Approach this weekend with caution if you are placing new longs.
I wouldnt lose too much sleep if we see a larger than normal big move down as it should be temporary.
If you are utilizing leveraged longs heading into the weekend….May god have mercy on your soul.
On a macro scale, I still remain extremely bullish on BTC and see it closing out the month at yet another record close.