The bitcoin price reacted to the touch of the $21700-22600 imbalance zone with an impulse. There was
BTC quite naturally behaved after touching the $21700-22600 imbalance zone. The trend line along which the price is descending was also touched. Bitcoin is trading above this line. Plus, the price was thrown back above the weekly level of $22887. What does it all mean?
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On the three-hour chart, we see an upward reaction of the price to touch the $21700-22600 imbalance zone. There is also a yellow trend line, which was also touched. The upward momentum threw the price back over the weekly level of $22887, which is the main divider between bulls and bears at the moment.
Plus, a hidden bullish envelope was formed, which is visible both on the three-hour and four-hour. This is a bullish sign that will work out its potential locally.
The upward momentum was generated at a good volume. Apparently, there was a cascading trigger of the purchase limit, which threw the price up.
The positive will remain if the price stays above $22887 and continues to rise.
So far, all movements are taking place within the range of $22800-23450 with provocations. We don't see the direction.
The funding is negative. This means that shortists use excessive leverage and pay a premium to longists every 8 hours to hold their positions and balance the margin market.
Historically, negative funding indicates the likelihood of an early local increase in the asset price.
On the other hand, the long/short ratio, which was 61% an hour ago, is now 58%. This is a positive trend. But on the other hand, while we are in a sideways range, reacting traders will push back the range boundaries, and margin indicators will jump from side to side until there is a breakdown in one of the sides.
Disclaimer: not financial advice.
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