As long we hold this technical level composed by a confluence of Quarterly, Monthly and Weekly opens and Perpetual Swaps keep trading under spot prices should be considered good conditions for upside.
However. Due to macro economic conditions we need to be ready to things to change very quickly and even upside targets more conservative than one would expect.
After all we still in a macro downtrend on weekly and monthly timeframes. So any bullish positions still carry high risk. But for me this levels make sense the RR as we have very close invalidation and potential good upside.
We also have the ETH merge coming which may imply the return of some volatility .
The RR long trade from here make sense with a target around 23.2. If it hold above it then we can talk about next level at 25k where some resistance is being built in the orderbooks.
❗️❗️❗️ If it trades under 19.2 and fail to regain the 20k then i think low 17k target is on the line. I would like to see derivatives trading above spot and funding rates also positive for this to be a proper invalidation of my current view.
Check my latest video analysis here for a bit of entertainment and a walk through some things i find important to look at. 🍿
However. Due to macro economic conditions we need to be ready to things to change very quickly and even upside targets more conservative than one would expect.
After all we still in a macro downtrend on weekly and monthly timeframes. So any bullish positions still carry high risk. But for me this levels make sense the RR as we have very close invalidation and potential good upside.
We also have the ETH merge coming which may imply the return of some volatility .
The RR long trade from here make sense with a target around 23.2. If it hold above it then we can talk about next level at 25k where some resistance is being built in the orderbooks.
❗️❗️❗️ If it trades under 19.2 and fail to regain the 20k then i think low 17k target is on the line. I would like to see derivatives trading above spot and funding rates also positive for this to be a proper invalidation of my current view.
Check my latest video analysis here for a bit of entertainment and a walk through some things i find important to look at. 🍿
D7R
