Bitcoin (BTC) • Reasons to be cautious here
Updated
March (along with bday week :P) is now behind us. April open at 28.4k close to the 2021 Open at 28.9k forming a new important technical range.
Price still doing consolidation under somewhat short pressure in most order-books.
Funding rates are positive and rising as sentiment keeps getting bullish... which typically not bullish specially at resistance.
Futures premiums saw a 2-3% spike during a transition into new month but now are normalising back with ongoing short hedging pressure.
Weekly and Daily trends and momentum still intact but it is important to notice that 28k is useful control point for risk/de-risk basis in case Daily trend start look odd. As I explained in the video a lot of this depending our positioning and what timeframes we are looking into.
Check the video for my full thoughts on what is going on.
If you find videos interesting or helpful in anyway don't forget to hit that 🚀 boost 🫡
Price still doing consolidation under somewhat short pressure in most order-books.
Funding rates are positive and rising as sentiment keeps getting bullish... which typically not bullish specially at resistance.
Futures premiums saw a 2-3% spike during a transition into new month but now are normalising back with ongoing short hedging pressure.
Weekly and Daily trends and momentum still intact but it is important to notice that 28k is useful control point for risk/de-risk basis in case Daily trend start look odd. As I explained in the video a lot of this depending our positioning and what timeframes we are looking into.
Check the video for my full thoughts on what is going on.
If you find videos interesting or helpful in anyway don't forget to hit that 🚀 boost 🫡
Note
As PA is marking above 28k again important to note fast expansion on low volume heading right into significant sell orderblock on CB and Binance books.
Chances it get rejected here to get under 28k again as funding rise again.
D7R
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