As stated in the previous post, bitcoin is, in fact, bouncing back and will likely see $8100 and even a wick to $8200. If it does go above that I would be surprised but anything is possible.
A 4-hour candle closed below the uptrend parallel channel but the daily candle closed well inside of it. I still believe that the uptrend CAN resume within this channel but I think that the odds are against it.
Bitmex Funding and premium Index is starting to indicate that sentiment is flipping bullish. The shorts who are late to the game tend to get rekd during these pumps just as much as traders who long the top of every bounce on the way down.
If longs on Bitmex outnumber shorts for the next day and a half or so, I expect a drop in price and possibly a retest of $7450.
A 4-hour candle closed below the uptrend parallel channel but the daily candle closed well inside of it. I still believe that the uptrend CAN resume within this channel but I think that the odds are against it.
Bitmex Funding and premium Index is starting to indicate that sentiment is flipping bullish. The shorts who are late to the game tend to get rekd during these pumps just as much as traders who long the top of every bounce on the way down.
If longs on Bitmex outnumber shorts for the next day and a half or so, I expect a drop in price and possibly a retest of $7450.
