Bitcoin: Levels To Watch + Tokens To Watch!
Hey Trader 👋,
Since the dust from the latest pump has settled, we will examine Bitcoin's current status closely. I hope this helps you assess the potential next steps.
On top of that, I have compiled tons of fresh data about tokens to watch at this moment.
Let's dive in!
Bitcoin Deep-Dive
To analyze Bitcoin's crucial level right now, we must go down to lower timeframes, such as the 4H or 1H chart.
However, before discussing the data, just a quick reminder that overall, nothing has changed. The high-level outlook is massively bullish. So, everything mentioned below happens on lower timeframes!
When checking the lower timeframes, we see Bitcoin in an ascending broadening wedge with high-volume spikes followed by pullbacks. This suggests increased selling pressure near resistance levels (in BTC's case, new ATHs).
This pattern typically signals a potential reversal or slowdown in the uptrend, particularly if it forms after a prolonged upward movement. Moreover, the volume pattern supports the pattern perfectly since broadening wedges often feature volume spikes as volatility increases with each oscillation.
If Bitcoin fails to hold above the lower boundary, this could signal a breakdown from the pattern, increasing the likelihood of a pullback.
On the other side, the current market can easily surprise us. Accordingly, a breakout above the upper boundary would suggest strong bullish momentum, but given the broadening structure, this would require significant volume and strength.
Conclusion
The ascending broadening wedge pattern implies caution. While Bitcoin remains in an uptrend, the expanding structure and increased volatility signal that the uptrend may not be as stable. Therefore, you should keep a close eye on the lower boundary for potential breakdowns.
Tokens To Watch — 5 Tokens With Highest Long Ratio
Once again, I analyzed more than 500 tokens according to their open orders. As a result, I put together the top 5 tokens with the highest long ratio.
A high long ratio indicates that traders massively bet on a rising price. Therefore, it can act as a valid indicator to long tokens. However, the high long ratio also carries a risk in case the market moves in the opposite direction ("long squeeze").
Tokens To Watch — 5 Tokens With Highest Short Ratio
And here's the opposite: The top 5 tokens show the highest short ratio. Interestingly enough, Bitcoin leads the list with 51% short positions.
However, there's another fascinating aspect. Out of 500 tokens, Bitcoin is the only token with more short than long positions, although the difference is meager. As a result, this tells us that the market expects the price to continue its upward trend. Again, this also adds to the risk in case the opposite happens.
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Happy trading,
Ben