Hello, everyone. How are you all? Hope you are enjoying the pump.
We wanted an engulfing candle, we got it. We wanted a positive monday closing, we got that too. Now what's next? Well, let's review it.
We can see that there's more liquidity on the downside than the upside (see 1st screenshot) in short time frame for $BTC at $113k - $114k region. So, market should hunt those before going up again.
Funding rate is getting positive (see 2nd screenshot) again which means more longs are being opened than shorts. So, market should dump today to hunt over levaraged longs. Be aware of that. It also aligns with the liquidation analysis.
Now, for the TOTAL3 chart, I'm expecting a small dump today or tomorrow to make a double bottom pattern (see 3rd screenshot) and shakeout the weak hands. Double bottom pattern is considered a bullish reversal pattern. So, alts should outperform BTC for sometimes.
All in all, we're in positive situation. If you're sidelined, you should enter in the dump. Any dip will be a blessing for you. Grab that opportunity.
