The Golden Ratio

Open debate for all the bears! 1. BTC SPOT ETF flow has just approved 2. The flow on SPOT ETF (Bitcoin) is outstanding 3. Ethereum ETF has just approved and will be traded by the end of July. 4. Deloitte has just released the guide to report the crypto asset in accounting 5. Robinhood just acquired BITSTAMP (more adoption) 6. Possible at least 1 rate cut this year 7. Funding rate is curving negative (Short pays long). Tell me guys, which side of the market is bearish? Even the dog will vote for bullish. Keep shorting and fill my buy limit!

Tips : If you start to feel the fear in the lower time frame, please zoom out and see how bullish this chart is. Price literally has been trending in the same range for 100+ days. How can we bearish on this?🙈

In the lower time frame, I think it's a little bit wild for the price action because all of this retails don't really know about what's happening in the market. There are also some reasons I declined to open a short position in a while. Instead, I keep maintaining my long position with proper size as well. The main reason which I'm not interested in opening the short position in the bearish side is because of this liquidation size of the short sellers. The amount of total short liquidation between $72k - $70k almost reaching out $10 billion in total. That's why I'm not on the bearish side as of now. Based on the price action, price is now entering the strong support zone which confluent with the dynamic EMA support, prior broken resistance turning support and also the area where the most of long position has been taken out. It could be choppy but I'm the one who will be very happy when the price dip lower because I'll be even more greedy!

Bitcoin If we look at the higher time frame, price is trending at the critical level which is the confluent area between the support trend line and the 21 EMA on the 4d time frame. Not only that, the RSI is also retesting the support level here where at the previous 2 attempts, we see a maximum bounce occurred as well. It looks a little bit bearish imo but as long as the price doesn't create the lower low structure, there is still possibility for this to become the bearish trap as well. Short term perspective will be shared later.

USDT Dominance is having a spike up which causes a lot of cryptocurrencies are in a very bad shape as the selling pressure is also occurring. I don't want to blindly anticipate the bullish bias on the market as everything has its own risk. However, at this rate of the condition,we're just at the edge of another uncertainty in the short term. But on the long term, the bias is still strongly bullish. So this USDT dominance is the important metric that we have to look at as it's now showing us another triangle pattern in play. A break above current resistance trend line will lead to another leg lower for BTC but getting rejected from the resistance trend line will be instantly bullish.

Bitcoin Price has shown us a bounce from the POC and also the buy order block here. It's all happening right after the CPI result which makes the majority of the customer in a great confident. However, the FOMC will be held in the next few hours and there could be something good (as we expect possible first rate cut this year). If this is the case, there is no stop from the bulls, the price will smashes $72k anytime soon and it can go very very fast to the $76k and $88k region as our mid term target.

Solana is one of the few coins that I want to chip in for current bullish cycle between 2025-2026. This thing is currently looking pretty undervalued knowing the adoption rate is very high. Solana itself had almost $1.2 million new fee payers on March 17. This is huge compared with the other L1. Also, the revenue on Solana has increased significantly up to 597% YoY on Q1 2024. Another thing is the hype of Solana spot ETF that occurred earlier this year. Of course if the ETF gets approved, we will see huge money flow to Solana. I personally believe that the Solana's fair value (with current performance) is located above $250 /coin. During current bullish cycle, we have our target well above $300 and $400.

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Bitcoin I have been seeing a lot of people worrying about the possible bitcoin's drop. Let me tell you, those who are bearish in BTC right now, simply have no knowledge in investing. Just a stupid jackass. On-chain data overall is bullish and so is the technical analysis as well. So far, price is still defending this white support trend line as the crucial support level. What I personally do right now is to add more position because I know the upside movement is imminent as well. $76k is becoming my closest target.