Bitcoin (BTC) • Everyone looking to short the resistance...
Bitcoin sitting right under the 50k resistance. Books confirm a lot of sell pressure but above 52k that liquidity quickly disappears.
This suggest this may be temporary blockage and the fact we marked up so fast on low volumes toward this ranges create condition for a consolidation where a lot of bear will show up and short the derivatives market.
We already see funding rates declining and derivatives exchanges like Binance futures and OKEX trading bellow Coinbase spot while open interest is high.
I think as more bears pile into their shorts this will create the necessary conditions to pierce through those 50k-52k orders.
While price trades above 44k it is structurally bullish (according to my own interpretation).
I currently see the 46.7 as nice bidding range in case we see quick visit there.
But overall if more short pile more likely we will end up piercing trough the 50k sooner.
For those interested here's an EXCELLENT interview with Caitlin Long and George Gammon on why Wallstreet with their traditional finance products (and mindset) will get rekt trying to 'tame' Bitcoin. I recommend whole interview but from minute 33:50 Caitlin drop nuclear bombshells.
www.youtube.com/watch?v=Nu04oDtb...
This suggest this may be temporary blockage and the fact we marked up so fast on low volumes toward this ranges create condition for a consolidation where a lot of bear will show up and short the derivatives market.
We already see funding rates declining and derivatives exchanges like Binance futures and OKEX trading bellow Coinbase spot while open interest is high.
I think as more bears pile into their shorts this will create the necessary conditions to pierce through those 50k-52k orders.
While price trades above 44k it is structurally bullish (according to my own interpretation).
I currently see the 46.7 as nice bidding range in case we see quick visit there.
But overall if more short pile more likely we will end up piercing trough the 50k sooner.
For those interested here's an EXCELLENT interview with Caitlin Long and George Gammon on why Wallstreet with their traditional finance products (and mindset) will get rekt trying to 'tame' Bitcoin. I recommend whole interview but from minute 33:50 Caitlin drop nuclear bombshells.
www.youtube.com/watch?v=Nu04oDtb...
Comment:
D7R
