After a long period of consolidation, Bitcoin has moved down out of the range. Surprisingly, funding rates are positive. A prolonged period of positive funding usually leads to a sell off.
The first volley of liquidations occurred at 6240 levels. If price goes lower than 6240, there is a very high chance we will dump much lower, possibly to 6070. Personally, I believe a drop to 5700 could occur.
I have been short Tron and XRP, while long Bitcoin, which I closed around 6317.
This could just be a bart down, and we may hold here while people build positions.
I would be short with a stop loss above 6320, and have a take profit area near 6070.
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The first volley of liquidations occurred at 6240 levels. If price goes lower than 6240, there is a very high chance we will dump much lower, possibly to 6070. Personally, I believe a drop to 5700 could occur.
I have been short Tron and XRP, while long Bitcoin, which I closed around 6317.
This could just be a bart down, and we may hold here while people build positions.
I would be short with a stop loss above 6320, and have a take profit area near 6070.
Thanks for viewing! I am collecting members for my private chat, please message me if interested.
Note
FinexNote
Another reason I am bearish currently.
Note
Update. Funding still very positive. If you look back a couple months, prolonged periods of extreme funding always lead to a move in the opposite direction.
Note
If you took the trade, you woNote
uld have been stopped out. Personally, I still suspect another bart down.Trade closed: target reached
Actually coming back to this, you would have actually made money from the stop hunt down lol.
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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.