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Market Direction
However, before you make any decisions, there are indications suggesting caution in the immediate future. This is even as the probabilities of both a drop and a surge are equally imminent.
TLDR
- Bitcoin is in a bullish pennant pattern and could soon reach $37,700.
- RSI is overbought, but a pullback might happen from a higher price point.
- High funding rates suggest a bias towards going long on BTC.
- Liquidation levels indicate the potential for quick price movements.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.
Technical analysis
BTC continues in the bullish pennant pattern with a bias to break to the upside. However, BTC remains fighting at the $34,500 horizontal resistance level. We try to keep things relatively simple here from a technical analysis point of view. The consolidation at this price level is strong, and we feel that price will break to the upside in the near term and test the $37,700 area.RSI and funding rates
The RSI remains overbought but is coming down very slightly, but there is no change here.We still believe a pullback will happen, but we feel it’ll come later, from a higher price point, say from $37,700 potentially.
The funding rate remains very positive, and open interest is now relatively high - it's...
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