BTC is currently testing the Feb 6th-7th (orange circle) daily timeframe candles as support. This structure test is healthy as it will continue to pull in more shorts who have been over-confident since the May 19th Selloff.
Shorts are now 110% higher than the previous 2021 high set on May 19th. If you look at what happened on Feb 8th - there was a large green candle that took BTC up to
46K in 1 day.
Something similar could happen here if shorts are used to squeeze price higher.
Shorts are now 110% higher than the previous 2021 high set on May 19th. If you look at what happened on Feb 8th - there was a large green candle that took BTC up to
46K in 1 day. Something similar could happen here if shorts are used to squeeze price higher.
Note
Funding Rates largely negative again meaning shorts are once again overconfident here. The volatility will likely cease once Powell begins speaking at 2 PM as mkt realizes there is no major change in his stance only MORE dovishness. Get ready for rip higher @ 2 PM Eastern
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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.