With 1. Bitmex funding rate deep into negative daily 2.DMI had a huge sell spike without followtru...ADX just start to catchig and be over extended (40+) DMI bulls are knocking a low 10 mark daily (usually a good accumulation sign. )This whole combo is usually a reversal (or at least a bottoming) sign 3.Bitcoin fear and greed index :21
Sure,these 3 indicators are not in the EXTREME zone but if price starts to retest prior low (42000ish) ,indicators will be extremely overextended!
42000usd/btc would be a 12% drop which is defenetley in the cards but that would push bitmex funding rate into deep negative ...and the tether printer would be on fire!
Conclusion: price will ping pong between 41-47k before pump to 52 k and beyond. Alts will suffer. Would I short this thing? HELL NO , instead I would look for long entries. Which I will probaly do.
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That was a pretty decent call ,eh ? My God this thing moves slow....
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