Good Morning!
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.
