Key Takeaways
Bitcoin starts the week with some swings within the ongoing range, but the price action is getting tighter and tighter, the next move is close.
Shorts built up positions over the weekend, but failed to break below for now. The $26k buy wall was moved lower.
Nasdaq climbs higher and the DXY is getting close to resistance. It’s a matter of time before BTC catches up.
Bitcoin has been trading within the $26 - $30.5k range for 66 days… however, we’re seeing the initial signs of an exhausted and bored market as shorts failed (and continue to do so) to break below or test the $25k hard bottom.
The difference between the rolling top and bottom is low as the price is in a sideways trend. We believe a big move is approaching, and bulls are looking stronger.
The week started with some swings: shorts built up positions over the weekend but failed to hit the juicy $25k target. There is no sign of a follow-through in either direction, we expect further chop.
Notice how open interest was wiped out when the price increased. This is a sign of weak shorts covering their positions as the price retested the $27k level. We need to see a break of the open interest horizontal line for direction.
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