Bitcoin (BTC) High chance for further move down to sub 6200's.

After a long period of consolidation, Bitcoin has moved down out of the range. Surprisingly, funding rates are positive. A prolonged period of positive funding usually leads to a sell off.

The first volley of liquidations occurred at 6240 levels. If price goes lower than 6240, there is a very high chance we will dump much lower, possibly to 6070. Personally, I believe a drop to 5700 could occur.

I have been short Tron and XRP, while long Bitcoin, which I closed around 6317.

This could just be a bart down, and we may hold here while people build positions.

I would be short with a stop loss above 6320, and have a take profit area near 6070.

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Finex

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Another reason I am bearish currently.

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Update. Funding still very positive. If you look back a couple months, prolonged periods of extreme funding always lead to a move in the opposite direction.

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If you took the trade, you wo

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uld have been stopped out. Personally, I still suspect another bart down.

Trade chiuso: obiettivo raggiunto:

Actually coming back to this, you would have actually made money from the stop hunt down lol.