adam
adam|Apr 22, 2025 19:49
Some Bitcoin higher time frame thoughts, I am still long from 80k and do my best to avoid day-to-day twitter mental breakdowns over short term price action. Obviously things are looking good right now, and I am happy to see that the relative strength I was betting on in last few weeks is playing out. From indicators point of view, we had high increase of open interest which can be a warning sign, but at the same time funding was constantly sliding negative which makes me believe there is at least an equal amount of spot buying present which is good. Spot order book skew is still pretty flat which is good considering how much has price went up, also the risk-reversal in options is now flat coming from high negative values which was a significant factor for my longs, seeing it flat rather than over-extended to the upside makes me believe there is still some upside left. We are now in pretty thin areas of volume with major resistance around 95k, this is where I would start to be really cautious about my long exposure. I want to see 88k to hold if we come down for retest. Pretty happy with how I traded this move, since trying to hold bigger swings is quite hard especially in the environments like these where you have lot of headlines dropping every day.
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