Kimchi Premium is data to measure the level of retailers Fomo.
Market tend to go reversal when the level hit max.
a lot of long positions in pink zones are waiting for Breakeven point. Will market help them ?
I think NO
#BTC SHort Setup
Entry 64.7 dca to 66.1
SL 69.2
TP1: 58k ~20% from top
TP2: 50k ~ production cost level
TP3: 30k ~ electricity cost level
Lower highs, lower lows structure formed.
If price retest EMA25 4hourly (orange line)=> go short
There will be a huge bounce #BOME from bottom. It's expected 80-100% pump from bottom.
It is not clear to know where is the bottom.
From experience, a drop 80% +/- 10% from top is Safe Buy Zone.
Currently It dropped 69% already.
BTC ETH Longs are in loss
Wait a bit to it bounce to EMA25 (Orange line) then exit.
Bitcoin ETF Flow - 18 March 2024
GBTC Outflow $643m
Biggest outflow for GBTC thus far
Price is still holding => BULLISH.
No support until:
1/ Production cost level (50-52k)
2/ Electricity cost level (30k)
3/ Funding matrix turning to max negative zone.
It is a part of human mistake.
Sorry I'm just a normal human
We will try next trades.
Do you realize few weeks ago when we got the data ETF inflows/outflows btc price often printed a fake dump then pumped up so quickly. That was the power of bulls very obviously.
Now you see difference in these days? GrayScale sold not much but see the price action?
The macro has changed.