BitcoinShort
Realistic path to 100k BTC
From a fundamental standpoint, typically when there is a negative correlation between funding rates and price action the price continues in it direction until funding resets. Currently on the most recent dip from 63k funding has been on a general uptrend. This suggests that we are likely to head lower before getting a significant bounce. Leverage needs to be flushed out and BTC needs to dip in order to grab liquidity and head much higher.
Technically speaking, price action has been traveling in a tightening range forming a symmetrical wedge. Depending on how the support/resistance lines are drawn some may say price has already broken down; however recent price action has carried no volume nor significant volatility so this suggests a high probability of still being within the pattern. This wedge has targets of either 75k or 48k depending on the breakout direction. Symmetrical wedges are considered continuation patterns so the likelihood of breaking up is higher, but taking into account the high amounts of leverage and general lack of interest in the market currently, I believe a fakeout to the downside will occur before an upwards breakout. Based off of the Volume Per Volume Range (VPVR) significant support lies between 56k-58k and this is where we likely get a massive bounce.
https://www.tradingview.com/chart/1P4i7Fj5/
Technically speaking, price action has been traveling in a tightening range forming a symmetrical wedge. Depending on how the support/resistance lines are drawn some may say price has already broken down; however recent price action has carried no volume nor significant volatility so this suggests a high probability of still being within the pattern. This wedge has targets of either 75k or 48k depending on the breakout direction. Symmetrical wedges are considered continuation patterns so the likelihood of breaking up is higher, but taking into account the high amounts of leverage and general lack of interest in the market currently, I believe a fakeout to the downside will occur before an upwards breakout. Based off of the Volume Per Volume Range (VPVR) significant support lies between 56k-58k and this is where we likely get a massive bounce.
https://www.tradingview.com/chart/1P4i7Fj5/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.