Hello everyone, Chainlink on H4 looks bullish but on the H1 the break of structure has occurred which indicates that it is a good time for counter-trend trades for the short term. Overall Chainlink looks really weak compared with other alts. If we break the supply zone and grab liquidity above then there is a high chance to reclaim the $21.35 resistance level. Otherwise, we should go down to the demand zone at around $17.7 and if we break this then we should fall to the demand zone at $15.8.
Data Analysis
1. Funding Rates For Perpetual Swaps
All rates quoted are 8-hour rates. Positive funding rates suggests speculators are bullish and long traders pay funding to short traders. Negative funding rates suggests speculators are bearish and short traders pay funding to long traders. Funding rates (0.01%) is neutral. Funding rates(below 0.01%) are green colour,it's bullish .Funding rates (above 0.01%) are red color, it's bearish. The stronger the bearish or bullish sentiment, the darker the color.
2. Total Liquidations $LINK
3. Exchange $LINK Long/Short Ratio
4. Top Futures Traders Positions/Accounts
All percentages represent long percentages. U=USDT or USD Margined ,C=Token Margined,F=Futures.
Long Position % = Long positions of top traders / Total open positions of top traders
Short Position % = Short positions of top traders / Total open positions of top traders
Long/Short Ratio (Positions) = Long Position % / Short Position %
Long Account % = Accounts of top traders with net long positions / Total accounts of top traders with open positions
Short Account % = Accounts of top traders with net short positions / Total accounts of top traders with open positions
Long/Short Ratio (Accounts) = Long Account % / Short Account %
Disclaimer: Not financial advice. If you blindly follow people on the internet you deserve to lose money.
Hope you found today’s article helpful. If you want to learn more about trading and crypto in general follow me at @Fizz-on-my-Jayce. And btw I trade on FTX (i will make money if you sign up and you will get 5% fee discount). Have a nice day :)
