Technical Analysis
Good Morning!
I'm not quite sure what my TA will be worth with the Coinbase IPO just around the corner...
Bitcoin BTC (4h)
We are still within a large potential rising wedge. The lower leg has four well-marked touchpoints now, which in my mind increases the importance of this line significantly.
The topside at around 62k seems to be well kept due to large sell orders sitting on pretty much every exchange under the sun. However, there is one difference when I look at the orderbooks of the biggest exchanges. The ones offering derivatives seem to have good buying interest as well, and their orderbooks are even skewed to the bid side (see image below).
The term basis is on the very wide end of the spectrum, and we therefore started to move some of our basis positions from the perpetual contract into June. We are ready to trade some more of that curve trade if the Coinbase IPO triggers some fireworks in the market (see image below).
On March 23rd we mentioned IOTA and the strong buying interest we had been seeing over the past few weeks and month.
IOTA (4h)
Since then, the coin offered some nice entries to gain long exposure at around the 1.40 USD level.
A triangle formation was confirmed when we broke out and retested the upper leg of it in early April, with a potential target of roughly 2.20 USD.
We are looking to take some profit at around that level.
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