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Bitcoin Spreads Potentially Pointing Up

This chart shows the relationship between the futures price over at the casino and the cash or spot price. I learned from an old gnarly crude trader guy named Brian Beamish that this study could be very useful in getting some sentiment information from the market. In a normal and healthy market futures prices will have a premium to the spot price, which is called contango, and if future/spot cross below 0 then the spreads relationship is now in backwardation.

I also applied Fibonacci retracement levels to find potential locations for support as well as some overall trend lines complimenting the fib study. Then the last piece of information is the market structure aka W's aka double bottoms aka Dow bottoms in a green box aka buying location aka reload zone aka RLZ.

I'll be hunting bullish setups through here as long as spreads keep making higher highs, and higher lows. #definition of a bull market.

All the best. #PMAFTW