There is general fearful sentiment in the market that is sounding bullish to me and on top of consistent consolidation at lows.
Funding rates more or less flatlined and keep going back and forward but swaps been trading consistently bellow spot, specially Binance and OKEX. Which is good news.
Futures also showing some strength in the premiums while price marking down. Which suggest that short/hedges are getting closed and/or new longs are taking place.
Open Interest is also rising while we marking down. We are likely to see some shakeout moves before starting marking up.
The books show significant support base down to 40k confluent with the technical support levels based on swing lows but also monthly and quarterly opens.
Overall I think is terrible idea to be short in this market. I'm actually feeling super bullish rn.
Funding rates more or less flatlined and keep going back and forward but swaps been trading consistently bellow spot, specially Binance and OKEX. Which is good news.
Futures also showing some strength in the premiums while price marking down. Which suggest that short/hedges are getting closed and/or new longs are taking place.
Open Interest is also rising while we marking down. We are likely to see some shakeout moves before starting marking up.
The books show significant support base down to 40k confluent with the technical support levels based on swing lows but also monthly and quarterly opens.
Overall I think is terrible idea to be short in this market. I'm actually feeling super bullish rn.
D7R
