“BTC is poised for a bigger move. Before you ape in, remember how crypto likes to squeeze shorts and trap longs,” on-chain analytics resource Material Indicators wrote in one of several tweets over the past 24 hours:
“You can mitigate risk by waiting to confirm breakout or fakeout. FireCharts shows where liquidity rests in the order book. Monthly close Tues.”
Order book data from major exchange Binance, meanwhile, showed a solid $61 million sell-wall appearing at $33,500 at the time of writing.
Popular Twitter account Il Capo of Crypto further continued a bearish stance while admitting that the bounce had run contrary to previous forecasts.
Nice push from the bulls yesterday. This week I’ve been mostly wrong because I thought we were going down and didn’t expect this bounce. However, this move up is showing the same signs as the move that deviated above 45k-46k.
That moving average was at around $22,200 as of May 31.
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