Despite losing key pivot, BTC feels like it´s about to scam
- after it was announced that FTX was in serious trouble, BTC took a plunge below 18k
- while you would normally assume continuation to the downside, in my mind, there are several things off here: DXY being bearish (see this post: www.tradingview.com/...-assets-some-relief/), shorts paying insane funding and total OI almost wiped which begs the question of how much lower can we actually go
- confirmation of a macro bear trap to be confirmed with a reclaim of 18.5k, preferably 19k on a daily closing basis
- while you would normally assume continuation to the downside, in my mind, there are several things off here: DXY being bearish (see this post: www.tradingview.com/...-assets-some-relief/), shorts paying insane funding and total OI almost wiped which begs the question of how much lower can we actually go
- confirmation of a macro bear trap to be confirmed with a reclaim of 18.5k, preferably 19k on a daily closing basis