Bitcoin (BTC) • poor volume reaction so far
Updated
Bitcoin is hitting the 21.7 support zone with very poor reaction from a price and volume standpoint.
On top of that we have funding rates rising again.
Despite still currently structurally bullish while we trade above 20k. I'm just assuming more downside to come while any up-move into weekly open likely to be short lived unless we start sitting strong volumes on the lows and funding also give more positive vibes.
The books do look very strong into the 21.5-20k range like they are waiting for stops to get hit and absorbed.
Check full video with full extent of my thoughts of current PA and heuristics I'm looking for.
On top of that we have funding rates rising again.
Despite still currently structurally bullish while we trade above 20k. I'm just assuming more downside to come while any up-move into weekly open likely to be short lived unless we start sitting strong volumes on the lows and funding also give more positive vibes.
The books do look very strong into the 21.5-20k range like they are waiting for stops to get hit and absorbed.
Check full video with full extent of my thoughts of current PA and heuristics I'm looking for.
Note
There we good we hit the demand super fast range and volumes are now looking much better.
The rejection of the 20k lows is what I want to see. Now I need to see books building up reinforcement here. Bounces are looking healthy but double retest of lows can occur.
Overal this range offer good RR towards upside assuming stops under the the 20k
As i detail in my last few videos the range between 19.4 and 20k is like a no-man's land neither bull nor bera but i don't to see it trading there either.
Funding rates are currently resenting but not exactly where I would like to see them. Maybe need few more days to settle stuff.
This weekend I will push another video with a quick update.
Note
Teenagers with probably half my age coming into the comment section without ever watching my videos in their full extend and seeking clout with comments like
"you always long and wrong, flip flop at lows, you wrong. your calls went south"
meanwhile... 🍿
Note
US banks going under and reports of more than 100B that are getting vanished out of the market. I'm not sure how this will impact Bitcoin... but I think somewhere Lenders, Market Makers and companies holding Bitcoin may be forced to liquidate assets to remain liquid.
Generally try to steer away from FUD but there is a possibility that we may actually break bellow the 19.4 and this can become structurally bearish again.
Right now, buying the "dip" is probably not a good idea. Personally following trend on the 4h which currently is down. I open long Futures positions which m closing for now.
Still long on the swap and short march futures. I will close the Swap long if it hits under 19.4
Note
TIMELINE OF SILICON VALLEY BANK, SSIVB, COLLAPSE:1. SVB begins to face run on bank as $91 billion in bonds face interest rate risk
2. Firesale of $21 billion bond portfolio is announced
3. Over $1.8 billion is lost during firesale
4. SVB announces $2.3 billion share sale to cover bond losses
5. Credit agencies cut SVB's credit ratings
6. SVB fails to raise capital as investors panic
7. U.S. banking sector loses nearly $100 billion in market cap in 24 hours
8. SVB announces intention to sell the company
9. Regulators and FDIC take control of SVB
10. Second largest bank collapse in US history seemingly happens overnight
Currently, 93% of all deposits at SVB are ABOVE the $250,000 FDIC insurance limit.
source: @KobeissiLetter
D7R
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