Market Commentary von Patrick Heusser, Crypto Finance AG
Close but no cigar...
I'll keep it brief today because not much has changed since my weekend update.
The weekly chart on logarithmic and non-logarithmic shows another failure to break to the upside (upper leg of the triangle).
BTC$ weekly logarithmic
BTC$ weekly non-logarithmic
This indicates another drawback towards the middle of the triangle at around 7.3k with some consolidation. After that I expect to see another push to the upside.
7.3k is also important on a daily chart level and the respective Ichimoku cloud. As long as we trade above it, the daily cloud will remain bullish.
Again, I still favour basis trades instead of outright risk trades. Paying the Jun20 basis has already moved 0.4% in my favour, plus the funding on the perpetual swap is accumulating positive funding.