Bitcoin still performed the upward movement, the probability of which I talked about in yesterday's
BTC bounced up from the support line yesterday and flew to $24650. This was one of the goals that I indicated in the closed tg channel. We did not see the continuation of the momentum to $ 26,000, and the price went back to the zone where it was before yesterday's growth.
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On the four-hour chart, we see the reaction of the price to the level of $24650. The price was thrown out of the ascending channel, and the price again entered the imbalance zone and the EMA Ribbon moving grid.
In general, the situation looks like a local reversal. Now we can observe the development of the corrective movement. Taking into account the fact that we still have about 2-3 days for growth according to the phases of the market, I do not leave the probability of a short correction or just provocation.
On the MACD indicator, the signal line and the moving average are above the neutral zone, which indicates the potential of buyers. But an intersection was formed from top to bottom, which indicates the beginning of a corrective movement.
It is also worth noting the exit to the red zone on the MACD histogram, which also says that the bears have begun to show their strength. This happened after a bearish divergence, which is clearly visible on lower timeframes.
I expect a reverse movement of the price up to the lower border of the broken channel and there we look for the seller. If the price does not enter back into the channel, then go down. I would consider the area of $22,500 to be the target of the decline.
If, after all, the price goes back and continues to move within the ascending channel, then the potential for movement up to $ 26,000 remains.
Now I would not put much in one of the sides, but if I trade, then with a short stop and very carefully.
So far, I am more inclined to believe that it would be good to complete the momentum up to 26,000, but we have already played most of the movement, which I have already mentioned several articles in a row. We follow and do not play guessing games with the market.
The funding is positive. This means that longists use excessive leverage and pay a premium to shortists to hold their positions and balance the margin market.
Historically positive funding warns about the likelihood of a local price decline.
Longs on ratio increased from 39% to 45%, which is not a very good trend for bulls. If the growth of longs continues, it will warn about the movement of liquidity from top to bottom, which will increase the pressure on the price from above.
Disclaimer: not financial advice.
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