Bitcoin (BTC) • Uptrend is back or still cautious?
Updated
Weekly trend still intact but how well looking is exactly the daily and intraday when we consider the range structure and other technical factors.
This video cover some datapoints that still not looking great despite PA trading on the upper side of the range close to the technical resistance zone.
Funding still marking positive most of the time leading into the resistance. Which is not bullish thing to observe during a consolidation range.
Price trading above 28k is structurally bullish but we formed a trading range over the last 14 days where the 28.6 is looking like the upper range zone as price fails to trade above it without getting rejected back down on several attempts in past 2 weeks
Main SPOT orderbooks are consistently showing sell pressure across the board for days and as of date of this video liquidity didn't decline (this can change over time before the market decide to move... is something to pay attention to consistently as range develops)
This video cover some datapoints that still not looking great despite PA trading on the upper side of the range close to the technical resistance zone.
Funding still marking positive most of the time leading into the resistance. Which is not bullish thing to observe during a consolidation range.
Price trading above 28k is structurally bullish but we formed a trading range over the last 14 days where the 28.6 is looking like the upper range zone as price fails to trade above it without getting rejected back down on several attempts in past 2 weeks
Main SPOT orderbooks are consistently showing sell pressure across the board for days and as of date of this video liquidity didn't decline (this can change over time before the market decide to move... is something to pay attention to consistently as range develops)
Note
4H trend, momentum and PA structure looking good especially if it manages to remain above 28.4 April open.
We are heading to test that 4H high (red line)
Books are still very dense on both sides. Sell pressure is calling for significant volume effort to pierce through this 29-31 range.
Funding also rising... plenty of reasons for this to be rejected back under the 28.4 in any range to the 30k.
D7R
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.