GM!

So market really liquidated $BTC shorts from 59-61k and went further up to 62.5k, before correcting to 57-58k. What's next?

I like the corrective pattern for this consolidation which held 56-58k region nicely, and it looks likely it's heading to 64-66k soon, if I look at both setups (1) Within and (2) Outside of crypto world currently

1) Within crypto world, sentiment index remain in extreme panic zone, with OI wiped out while funding rate dropped even further last few days and got even closer to 0 (Chart shown). It's quite vulnerable to a pump

2) Outside crypto world, S&P and Nasdaq are marching on and at pivot zone now, both look closer to break out if the pivot zone got cleared. IMO there's no important economic data to drive the market down short term, as I believe CPI tmr likely continues the trend of slowing rolling over steadily so it might even be a mild +ve, confirming rate cut further. Most important data is payrolls in first week of Sep which provides more clues on soft/hard landing

To sum up, I think market likely continues to climb the wall of worry in August. If downside vol were to come it will likely be around early Sep, when price has pumped a lot and everyone in CT gets euphoric and buys higher again, then I will sell some back to everyone
#bitcoin #binance