Bitcoin Short Squeeze in China! Head & Shoulders on the MFI
There was a short squeeze overnight due to high negative funding rates on Chinese exchanges. All night OKEX had a severe negative BTC funding rate (around -0.02%), but as soon as China restructured Evergrande this morning, the funding rate on Bitcoin went positive. That ended the short squeeze. Sources: coinalyze.net/bitcoin/funding-rate & www.coinglass.com/FundingRate
Also, there is a massive Head and Shoulders on the 25-minute MFI indicator (pictured above). It's a short timeframe, so the relevance of this bearish pattern will expire this week. There could be a large dump if Friday's CPI report is bad. Most likely, it won't be a good inflation report.
Also, there is a massive Head and Shoulders on the 25-minute MFI indicator (pictured above). It's a short timeframe, so the relevance of this bearish pattern will expire this week. There could be a large dump if Friday's CPI report is bad. Most likely, it won't be a good inflation report.