Long

Reasons for why bitcoin's next big move is upward

Updated

From CME close, bitcoin has dropped almost 10%. It should revert back to fill the CME gap, as it often does.
Total market cap, excluding tether, has hit a historically bullish level. When the trend turns, price pumps from this market cap level very hard.
Funding is no longer high, so longing is not as expensive

Building long under 65000 should be profitable. I can see bitcoin ranging around 62200-64800 based on the volume rectangles before the next move. I don't think bitcoin will go under 60000 for the next leg because it's too greedy for short profit and long entry. If it does, this idea is invalidated.

For short term moves, there isn't a need to pay attention to news that's weeks away, or has already happened.

Alts vs. BTC made a double bottom, there may be much higher upside for longing alts instead of BTC

Note

Hilariously, Bitcoin CME futures were <0.50% off from filling the gap.

As a reminder,
Coinbase prior month low: 59224.68
Coinbase current month low: 60822.01
Coinbase prior week low: 60822.01
Coinbase current week low: 61714.56

NeoButane

My published indicators: tradingview.com/u/NeoButane/

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