Strong sell pressure on the daily close + positive funding (BTC)Hello traders,
The daily closed below support on the previous candle and had a massive rejection from just below the $47,000 level.
$44,630 is the next support level below, which probably get a tiny bounce (maybe we just dump through it) but we've pumped from $29,000 - $46,830 and this is without any sort of major pullback.
$46,300 is the current resistance level on the daily and wouldn't be surprised if we go sideways below it before the real dump happens.
$41,444 is the area of interest for me that would make sense to pullback to and give buyers the opportunity to show strength which would also be the potential 3rd validation point on the uptrend in this technical analysis.
If $41,000 gets turned into resistance we probably break $40,000 and then we'd have a lot of emotional trapped bulls which could be exactly what whales are planning.
Also the 20 day moving average is around $41,222 which is a moving average used for trading and more short term moves and often times fluctuates above and below depending on the current trend direction etc.
Funding has been positive all day and is remaining positive over the next several hours to come, which means longs have to pay shorts.
Bulls are obnoxiously overconfident and in a complete euphoric state of mind.
The fear & greed index is back in the greed level.
There's confluence for a pullback to happen in coming days.
Stay safe.
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