I don't think so. But that doesn't mean we cannot revisit lows because it is likely we will do.
We are possibly looking at a complex trading range. Worse case bullish scenario is revisit the 37k range and still look like a bull market on the weekly and monthly.
I would be more concerned if price trade bellow 37k and funding rates in the perpetual swaps remaining flat or positive.
Overall the books are showing decently strong liquidity between 39 and 44k. Which suggest we could see revisit of that range before trying to test the 70k.
I didn't have time to cover many other points but main message is that at the moment I don't have strong reasons to believe we are in a bear market and all we are seeing is a wider and longer consolidation which require to revisit some lows to shake things around.
We are possibly looking at a complex trading range. Worse case bullish scenario is revisit the 37k range and still look like a bull market on the weekly and monthly.
I would be more concerned if price trade bellow 37k and funding rates in the perpetual swaps remaining flat or positive.
Overall the books are showing decently strong liquidity between 39 and 44k. Which suggest we could see revisit of that range before trying to test the 70k.
I didn't have time to cover many other points but main message is that at the moment I don't have strong reasons to believe we are in a bear market and all we are seeing is a wider and longer consolidation which require to revisit some lows to shake things around.
D7R
