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Price Analysis: Bitcoin Pump After Double Bottom

BTC pump after double bottom has brought in more high lev longs that are now more attractive than shorts, but still have potential upside to liquidate some of them first.

Overall positioning isn't great for bulls. Rest of analysis down below👇🏻

BTC shorts increased slightly while funding rates are small and neutral but open interest increased, bringing in those high lev longs and shorts that changed the liquidation profile....

BTC exchange balances decreasing and 4h netflow red spike can be seen prior to pump + some 1h spikes. If we get a dramatic shift in price, anticipating exchange balance to decrease sharply....

BTC price pumped with 2h Bollinger Band expansion after strong contraction indicated by low percentiles. Price rejected at Fib and back within rising channel after forming double bottom before pump....

BTC 2h + 4h MACD on track to extend downtrend; may not get higher high in price this time, but if do, and price extends to 17.8K, there's a chance that the last 2h MACD high will be taken out. Reassess when high confirmed. 2h RSI extending downtrend, while 4h shows hidden div

BTC 2h Advanced stochastic is reaching extremes with strong expansion of volatility percentile, while 4h has in earlier stage. Pivots are nearby, particulalry for 2h, but direction indicate that more upside is possible. In any case, limited upside and already doesn't look good

Wall St: HYG (smart money) generated bearish divergence against SPX today. SPX still below rising wedge, looking like retest, while HYG is faltering. Meanwhile,

VIX + VXN (NDX volatility) are retesting....

This post is based on this twitter thread.


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