Spring cleaning
Updated
BTC on CME (
BTC1 ticker).
Super nice structure.
1) Price dip and grind below 50m reset the open-interest and attracted a large amount of new short positions. A trap was set.
2) Breaching higher from here confirms past 2 days was a spring: Measured move is to 1.618 fib of 34k and it will get there quick if the move plays out.
3) CME is trading higher than spot: institutional buyers are willing to pay a premium for immediate exposure indicating that smart-money feels a move is imminent.
4) Dollar Index looks terrible and is dropping: giving BTC room to spread it's wings.
Happy hunting!
BTC1 ticker). Super nice structure.
1) Price dip and grind below 50m reset the open-interest and attracted a large amount of new short positions. A trap was set.
2) Breaching higher from here confirms past 2 days was a spring: Measured move is to 1.618 fib of 34k and it will get there quick if the move plays out.
3) CME is trading higher than spot: institutional buyers are willing to pay a premium for immediate exposure indicating that smart-money feels a move is imminent.
4) Dollar Index looks terrible and is dropping: giving BTC room to spread it's wings.
Happy hunting!
Note
correction on point 1: grind below 200ma not 50ma attracted the bears. Currently doing exact same thing to fill the rest of the bears desires grinding under the 50ma, before mass liquidations can begin.
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