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#BTC FORMING SYMMETRICAL TRIANGLE PATTERN!

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#Bitcoin is forming a symmetrical triangle pattern.

Resistance is coming from the Ichimoku cloud and the 100-day moving average.

The MACD crossover suggests a shift to bullish momentum.

It's recommended to wait for a clear breakout or breakdown of the triangle to confirm the next direction.

Stay tuned I will keep updating

#Crypto #DYOR #NFA

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#Bitcoin monthly candle is closing in 2 days and is retesting the previous all-time highs! 👀

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#Bitcoin liquidation heatmap indicates that while there's still liquidity to the downside around 62,000, there's substantial liquidity to the upside. The primary liquidity levels reside approximately between 67,300 and 67,500. On broader time frames, even more liquidity is evident around 71,500 and 73,000. Bitcoin tends to gravitate towards areas of high liquidity, implying a potential upward movement in the future.

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Funding rates across exchanges currently hover around the 0.01% mark, indicating a neutral stance in the market sentiment.

Neutral funding rates suggest a balance between long and short positions, with neither dominating the market.

When funding rates dip below 0.01%, it signals an increase in short interest, with fewer traders inclined to take long positions.

Negative funding rates imply that short positions incur fees paid to long positions, potentially discouraging short positions.

Sub-neutral or negative funding rates are viewed as contrarian signals, prompting short position holders to reconsider and potentially close their positions.

This can lead to a short squeeze, where short sellers rush to cover their positions, further driving up prices.

A healthy bullish market trend is indicated by funding rates below neutral, with the potential for short squeezes to reinforce upward price movements.

Excessively high funding rates above neutral may indicate an overheated market, potentially signaling a risk of a correction or bearish sentiment.

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#Bitcoin Symmetrical triangle breakdown done!😱

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#Bitcoin most possible scenario, IMO.

What are your views on this chart?

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As expected, dropped and hit the lower level of liquidation at 61K to 61.5K, as indicated by the liquidation heatmap. Now, there aren't many liquidations at the low, but we're still waiting for some cooldown. According to this daily Bitcoin chart, BTC has been trending within this large bull flag, and it's currently above this crucial support level.

Bulls need to hold onto this support.

A daily candle close below this support will invalidate this pattern.

Stay tuned for further updates.

DYOR, NFA
#Crypto

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