Bitcoin (BTC) • Up only
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So bitcoin came into the 55k and bounced exactly as speculated in my previous video.
Now the key is this current ongoing price sustainability above 58k.
That means that we now have good directional bias and invalidation of that would be price trading und 58k again.
One note that funding rates are still very high and so are swaps V spot basis. Futures premiums also keep rising and December contracts current sitting at more or 23% premium. This is is the only think that make me uneasy about (new) long positions at current levels.
However, market in general is bullish with weekly and monthly trend pretty much very bullish.
Now the key is this current ongoing price sustainability above 58k.
That means that we now have good directional bias and invalidation of that would be price trading und 58k again.
One note that funding rates are still very high and so are swaps V spot basis. Futures premiums also keep rising and December contracts current sitting at more or 23% premium. This is is the only think that make me uneasy about (new) long positions at current levels.
However, market in general is bullish with weekly and monthly trend pretty much very bullish.
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Conditions changed. Futures premium dropped aggressively which implies serious take profit and short pressure. Furthermore strong volume going on. This is looking like beginning of stronger correction.
D7R
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