I see this playing out over the next week or so:
- Initial short cover/squeeze (done)
- liquidity catch up/signs are there today post squeeze phase (people start chasing/bidding; seeing the normal fund coins get twapped off lows and continuation on short cover legs [ie. WIF, JUP, ARB]
- exuberance near the highs with signs of momentum exhaustion; still lots of room on longs to push trend continuation on tokens over a couple days
Some tells off the lows
- Primary liquid hedges started leading off bounces
- coins outside of market leaders (hype, fart, spx) began putting higher low divergences against btc
- funding rates negative and/or lack of repeated longs trying to bottom tick
- generally quiet tape
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