#NovCryptoOutlook

13-11-24

BTC 4-hour chart outlook: Extremely Bullish

Fear and Greed: 84 (Ex, Greed), yesterday 80 (Ex. Greed)

BTC Dominance: 61.23% Dominance has increased from yesterday

Price action: Price is up another 5+ % today. There is a bearish divergence forming on the RSI.

Premium Index: PI has increased since yesterday and currently at 0.0547 %.

Funding Rates: FR has decreased since yesterday and currently at 0.0209 %.

Open Interest: OI is at $55.415 B which has increased from yesterday

Volume: Vol. is at $66.628 B which has decreased from yesterday

To conclude: The recent surge in premium index signals heightened derivatives market’s influence on price. The funding rates have decreased signaling traders opening shorts which has the potential of short squeeze if prices were to increase further. Given the high open interest, a sharp price correction could trigger significant market volatility. While the decrease in trading volume does not supports the current upward trend, investors should remain cautious as market conditions are primed to change rapidly.