We are currently at the end of Primary Wave 1, specifically completing Intermediate Wave 5. This will be followed by Primary Wave 2.
The liquidity heatmap indicates a growing concentration of liquidity below the current price, which, similar to the Polkadot setup, is likely to be targeted during the formation of Wave 2. My target for Intermediate Wave 5 is the 1.618 Fibonacci extension, as this level coincides with a significant cluster of resting orders and the psychologically important $1.00 mark.
Funding rates remain steadily positive, and open interest has continued to rise, signaling a stable uptrend. This also suggests that market participants are moderately willing to take on risk, while excessive euphoria is not yet present.
In summary, I am targeting the $1.00 level for Intermediate Wave 5 and will be looking for short entry opportunities from that area to position for Primary Wave 2.
The liquidity heatmap indicates a growing concentration of liquidity below the current price, which, similar to the Polkadot setup, is likely to be targeted during the formation of Wave 2. My target for Intermediate Wave 5 is the 1.618 Fibonacci extension, as this level coincides with a significant cluster of resting orders and the psychologically important $1.00 mark.
Funding rates remain steadily positive, and open interest has continued to rise, signaling a stable uptrend. This also suggests that market participants are moderately willing to take on risk, while excessive euphoria is not yet present.
In summary, I am targeting the $1.00 level for Intermediate Wave 5 and will be looking for short entry opportunities from that area to position for Primary Wave 2.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.