BTC
is looking very strong on the weekly however we are early in the cycle. Some simple ideas here.
0.618 retrace level is broken pre halving which is a surprise that would have caused many to be sidelined. I think it is unlikely the market will let them back in anytime soon especially given the strong ETF inflows.
Ongoing the trend will be Up when trad-fi markets are open, sideways when they are closed until the inflows decrease.
Spot is driving the markets so open interest and funding rates become less important. Any pullbacks will be mostly on weekends and short-lived to wash out overleveraged longs and provide liquidity on the buy side for the big funds.
Very bullish until I see a strong signal to oppose this. Things to keep an eye on is an influx of retail froth, a rotation to alts, Strong macro/tradfi headwinds and the usual suite of on-chain tools i'e whales selling, LTH taking profit at high levels.
This cycle as we have only seen retraces of %20ish o far it hasn't really be worth trying to time pullbacks in my eyes unlike previous cycles where they were often %40-%50. This gives further credence to the bullish narrative.
Hold on, enjoy the ride, set targets and take profits when you start feeling emotional.
Investoor from New Zealand.