Ethereum / Breaking News / Bitcoin / Analytics / YouTube
Bitcoin (BTC) declined below a key trend line support and is now struggling to break above it. Until it succeeds to break past this trend line support turned resistance, we have no reason to be bullish on BTC/USD. Even the RSI tells us that this downtrend is very much intact. The price is primed for further downside here and if we take a look at the 4H chart for BTC/USD we can see that it remains below the 38.2% fib retracement level from the local high at the top of the symmetrical triangle. There was a fake move to the upside but as we expected it failed to hold its ground and the price of Bitcoin (BTC) closed the 4H candle just close to the 38.2% fib retracement level.
It got a lot of traders too excited and everyone started talking about the bulls taking control but that was nothing more than a manipulate pump to the upside to shake out the bears and trap in more bulls before the decline. This has been happening over and over again throughout this bear market but traders keep falling for it every time. Now, let us take a look at something interesting. While BTC/USD has declined around 1%, ETH/USD is up for the day and eyeing further upside. A lot of you asked me as to why that is and to understand that we will have to look at something called the “funding rate”. It is the premium that leveraged longs or shorts have to pay each other for an eight hour period. If negative, the shorts pay longs and if positive,