This Guy knows what's up
This Guy knows what's up 3 minutes reading from Bitcoin

CME Bitcoin Price Analysis – May 22nd - 22nd

Bitcoin has always reacted better to the 200ema than the 200ma so no wonder the bulls and bears are fighting here instead of there. But which way will BTC go? Let's take a quick look at the evidence... ⬇️

Leverage moves market, spot sells off, repeat. Same story for months. It's as clear as day on charts! 14th -21.5k BTC liquidations reduced the open interest 18th - spot sells off but futures (and OI) continue to rise, holding the price up at 21k still

So where to next: 22k or 19k? Well, that BTC liquidity grab wasn't a "take all" event -- there's still a lot of liquidity at 21.7k. On the downside, the bulk of liquidity is at 20k but it's not near as much as is at 21.7k. So another attempt at 22k first seems possible 🤔

Zooming out (into a daily chart anyone who has followed me for a while should recognize) we can see bitcoin has finally obliterated the old downward RSI trendline from Nov '21. Seems traders had to buy a lot of BTC to close early shorts 😅

This Guy knows what's up on Twitter

The speed of this rise has brought the bulls back with a quickness but that's just easy liquidity for the MM as FOMO grips the masses and they deploy stables they have been holding for so long. There has been no new capital, this is merely old USDT 😴

tedtalksmacro on Twitter

TL;DR - Traders got excited about some numbers out of the USA while other traders tried to front-run every single "short zone" on the way up, adding fuel to the fire. That fuel appears to be running out *temporarily* but hold 19k and the upwards motion resumes a little longer

This post is based on this twitter thread.


Please login to comment.