$BTC UPDATE
Quite the explosive day, making a statement by closing higher and higher into the 64,000 - 60,000 level of daily demand.
There was not much to do for us today, after price gave us the Pivot + 200EMA set up and R1, R2, R3 take profit splits.
Today, this daily close is important, closing with strength and into the 60,000 level or higher (more specifically 61,400 for me) is indicative of how difficult it actually is to push Bitcoin lower after its halving. It becomes more and more apparent that a range breakdown was faked out yet again.
We wait for tonights daily close to assume new pivots, with the bottom of the range being reclaimed now, the most troublesome areas now sit towards 64,000 and higher up towards 67,700. Quite a ways to go, but a number of positives to consider:
- Funding is extremely CHEAP with predicted diving negative despite rapidly moving up in price
- Dominance back to 54.6% , lifting all prices on projects currently. A much more telling sign of weaker pairings capitulating into stronger projects
- Trading back into daily demand and faking the breakdown is classic playing of sentiment of market participants
- Bitfinex margin continues to add to Bitcoin positions, in confluence with large spot buyer of 80m+ yesterday buying at market.
