Despite the higher timeframe bullish bias, speculators in the lower timeframes were not so keen, as evidenced by a negative funding rate.was trading at a key resistance zone that was both a Fibonacci retracement level and a bearish order block. TheIt was not enough to undo the strong gains the buyers have put up in the past couple of weeks. The evidence at hand showed bullishness, but the futures market was not wholly on the same page.
On Monday, the 26th of August, it saw a rejection from the resistance level, but the bulls were knocking on its doors once again. The technical indicators showed a breakout was likely. The CMF was at +0.2 to indicate strong capital flows into the market. The RSI also remained above neutral 50 to indicate the bullish momentum might be sustained.Despite the higher timeframe bullish bias, speculators in the lower timeframes were not so keen. While the Open Interest soared during the retest of the $1.5 resistance zone, the funding rate remained negative.The spot CVD saw a downturn over the past few hours but maintained its uptrend. Overall, a sustained move beyond $1.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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