After the drop that we expected in our last post, BTC dropped 7% to the fib golden pocket that you see on my chart.
It held as support, but the daily level at 63.5k has clearly been acting as resistance, giving us a small range.
If we break the fib golden pocket, I expect a drop to the monthly at 58.8k
If we break the daily and hold it as support, we can start looking for around 65k (fib golden pocket), I would also keep an eye on the .786 (at 66k) as it has been respected pretty nicely recently. But ultimately I believe we will go for new ATH.
Looking at the funding rate which I talked about in my last post, yesterday it got to 0.18 which is just insane, but today it dropped to 0.08 and the predicted funding rate (in 3h) is 0.01
So I believe most longs already got out or liquidated, and at the moment we are more likely to go higher as we are forming higher lows and higher highs on the LTF
Any questions?
Good luck traders
Remember not to break your rules
Habib
It held as support, but the daily level at 63.5k has clearly been acting as resistance, giving us a small range.
If we break the fib golden pocket, I expect a drop to the monthly at 58.8k
If we break the daily and hold it as support, we can start looking for around 65k (fib golden pocket), I would also keep an eye on the .786 (at 66k) as it has been respected pretty nicely recently. But ultimately I believe we will go for new ATH.
Looking at the funding rate which I talked about in my last post, yesterday it got to 0.18 which is just insane, but today it dropped to 0.08 and the predicted funding rate (in 3h) is 0.01
So I believe most longs already got out or liquidated, and at the moment we are more likely to go higher as we are forming higher lows and higher highs on the LTF
Any questions?
Good luck traders
Remember not to break your rules
Habib
