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Let's look at a set of data
1. Contract orderbook delta 3%
Bid depth is significantly stronger than ask and is on an upward trend
2. Spot orderbook delta 3%
Bid depth still remains stronger than ask but shows a downward trend
Given the weekend, such an orderbook clearly suggests the market will not decline for now
3. Taker buy / sell strength
Stronger sell does not push the price lower
Indicating that the bid below effectively absorbs market sell
So, the conclusion is clear: the price will not fall now
Old Dog recommends
Immediately unfollow the blogger who started shorting at 90k
Immediately unfollow the recommendation to hold short positions until the decline
#btc #Old Dog Analysis #orderbook