The current price is even higher yesterday price while market correction.
It is proof of strength
We are in Crypto Summer
Liquidity is drained
Open Interest is stagnated
For Bitcoin & bigcap altcoins: they are stuck to print big moves (big breakout or big break down)
BTC daily Floor/Celling price is 5% max
ETh daily Floor/Celling price is 10% max
Alt daily Floor/Celling price is 30% max
You can refer this data to set as targets. Scalp TP should be at 5%
This season will run till October
Today ETF Total Flow remains negative today 👀
BlackRock bought less. GrayScale keeps selling strong 👀
No dip until Total Open Interest get a flush + Funding rate matrix turns to big negative.
Now it is bleeding slowly & steadily
TP1: 58k ~20% from top
TP2: 50k ~ production cost level
TP3: 30k ~ electricity cost level
No support until:
1/ Production cost level (50-52k)
2/ Electricity cost level (30k)
3/ Funding matrix turning to max negative zone.
There should be a room for special coins like TRB BLZ last year but normally they move at weekend
Читать полностью…Floor price - celling price
https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer-surplus/deadweight-loss-tutorial/a/price-ceilings-and-price-floors-cnx#:~:text=A%20price%20ceiling%20keeps%20a,level—the%20“floor”.
We will talk more if btc breaks down 59k.
Now it is a huge volatility zone and stressful zone if the entry is not good.
Kimchi Premium is data to measure the level of retailers Fomo.
Market tend to go reversal when the level hit max.
a lot of long positions in pink zones are waiting for Breakeven point. Will market help them ?
I think NO
#BTC SHort Setup
Entry 64.7 dca to 66.1
SL 69.2
TP1: 58k ~20% from top
TP2: 50k ~ production cost level
TP3: 30k ~ electricity cost level
Lower highs, lower lows structure formed.
If price retest EMA25 4hourly (orange line)=> go short