$BTC
Time for a detailed analysis on the King!
If you've seen my last analysis on the King, you should've remembered that I talked about the double top neckline on weekly timeframe. Well, price just closed a weekly candle above the neckline (check first screenshot) which means Bulls are indeed strong at the moment.
Also, looking at the funding rates, it’s currently negative (check third screenshot) which means there are more shorts being opened than long. Today, just after the Asian session opened, we saw a wick on BTC to washout the high levaraged longs. Price was immediately bought up by spot buyers. This is a clear bullish indication by the market.
Looking at the Fear & Greed index, it’s currently at neutral (check fourth screenshot) phase. So, market can pump till we're in Greed phase, which is also a bullish indication. BTC supply on the exchanges is at all time low since April, 2022 which means a supply shock is incoming. There’s more liquidity upside than downside. Price should grab those liquidities before going down. ETF inflows also indicating bullish bias among the big institutions.
The only bearish bias is a pullback to my boxes (check second screenshot). I've drawn two boxes where price can reverse. But, I do not want to see price to hit the white box. Price hitting the yellow box will be just fine.
