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BTC Price is still forming bearish divergence but still short are getting squeezed with these tiny moves as people are expecting downside after this move.
This is not necessary the price will move down it may continue squeezing up and liquidate your shorts or hunts stops and fall down as it is currently doing. 21.5k is an important level if reclaimed 23k might be next.
Stay Safe and don't get stopped out before price moves in your direction.
BTC SPOT CVDs (Cumulative Volume Delta)
🔸There has been a significant movement in the spot CVDs of $BTC. The increase from $17,000 to $21,000 was primarily driven by aggressive buying on Binance using BUSD.
🔸Other exchanges also began buying at around $19,500 using USDT and USD.
🔸The green CVD represents all exchanges, including Binance USDT, while the yellow CVD only includes BUSD transactions.
SHORT LTC/USDT
Short zone
85$
To
87$
Target
84$✅
83$✅
82$✅
81$✅
80$✅
Stop loss
93$🚫
ETH Update
🔸ETH had a strong rally after breaking out of a multi-month downward parallel channel.
🔸This movement also invalidated a bearish flag, indicating a shift towards bullish momentum.
🔸Currently, ETH is nearing a significant resistance level at 1,650, so some market corrections may occur at this point.
Checking the BTC Funding Rates
🔸The funding rates for $BTC have reached a 14-month high. Historically, high funding rates have been followed by pullbacks in the price of Bitcoin.
Short zone
1540$
TO
1550$
Target
1530$✅
1510$✅
1490$✅
1480$✅
Stop loss
1600$🚫
SHORT BTC/USDT
Short zone
20800$
TO
21000$
Target
20700$✅
20500$✅
20300$✅
20100$✅
Stop loss
21600$🚫
DXY Update:
🔸The DXY index broke out of its parabolic trend and closed below it on the weekly chart, indicating potential weakness in the coming months.
🔸If this reversal is confirmed, it could lead to positive momentum for risk assets including the crypto market.
Let’s check BTC Daily RSI
🔸The RSI is showing an extremely overbought reading, the highest it has been in the past 430 days of a downtrend.
🔸Historically, bull markets do not begin with such high overbought readings, and this rally is likely to be short-lived, similar to previous ones.
Grayscale's BTC and ETH trusts have generated about $1.5 billion for the firm so far.
BTC Quick Take
🔸Finally, BTC broke out of the daily falling wedge, surpassing the August and November trendline rejections.
However, there are things to note for this run.
✅Imbalance Filled
✅0.618 Fib Level resistance Rejections (took the 24k swing high to measure). Also the Daily Point of interest
✅November support flipped into resistance
✅Daily Hidden Bearish Divergence
📌There is a possibility of a correction with the first level of support at 18,500. If this level is not held, the price could return to a ranging market.
🔸The Perpetual and Spot Bitcoin markets are diverging again. It appears that Spot traders are selling and taking profits, while Perpetual traders are holding onto their positions
10 billion dollars of liquidations
🔸️This is the delta between longs and shorts on Binance futures
🔸️ Huge disbalance here, correction might be quick if it starts to move from the current price.
🔸️If you have opened longs, better set stop loss in profit!
BTC is in beast mode!🔥
🔸The CPI result had BTC hold its current uptrend in the lower time frame giving a neutral result.
🔸Technically, the price reached its maximum zones which is the 19k.
✅Facts about 19k
✅Fib Golden Ratio (0.618)
✅Bear Flag resistance
✅Imbalance slowly filled
✅Multi-month Trendline Resistance
🔸Expect some healthy pullbacks for the meantime at the current zone (17,800)
Follow us for more updates:
DXY Update:
🔸The DXY index fell sharply following the release of the Consumer Price Index (CPI) data, leading to a bearish sentiment in the dollar market.
🔸The price is currently approaching its next support level of 101, and it remains to be seen if it will hold at that level.
🔸Meanwhile, the drop in the DXY has had a positive impact on the cryptocurrency market
