Bitcoin (BTC) • Massive ongoing Futures reset After that last upthrust pump it started becoming clear that something was coming up. Most Futures contracts were showing unusual local top volume activity and the basis vs spot was declining during that uptrend which implied that shorts getting liquidated but above positions started getting closed. Once we saw leg down to 59k again I knew something was up and decided to remain neutral and posted update to last two ideas informing trade was close due to those conditions. Luckily, it was before the crash or hitting the stop range.
Check video where i go extensively thorough some scenarios. Overall THIS IS NOT BEAR MARKET but a necessary correction to take pressure out of futures and re-established some liquidity back into the spot market.
We are more likely in correction consolidation range where alts are likely to gain some dominance until Bitcoin hits around 49k, 46k or 40k which are the biggest support and buy ranges.
