This is likely the ramblings of a clueless idiot but I've watched enough YouTube video's to consider myself an expert on drawing lines in places that might possibly mean something is going to happen at some point in time in the somewhat near future. For the record I'm not a technical trader so I'm not sure why you are even reading this. Don't follow my advise as I rarely do either!
Now that we cleared that up I'm trying to look at longer indicators to get an idea of where the market is. Comparing the long/short ratio trend to where price has trended. I'm concerned to see longs piling up while we are sitting near yearly lows. In the past when longs were this high we had seen a large move up in Bitcoins price. However in this case we are seeing longs piling up just to hold the price in the $3400-$3800 range. While we can certainly move up it doesn't look like we have much gas left in the tank before another move down. A double bottom is possible as it would reduce the over leveraged longs to but this seem less likely to play out in my mind simply because altcoins have moved up nearly 50% since hitting there yearly lows while Bitcoin remains hanging on just above it.
Shorting here seems potentially disastrous and may lead to green wick of destiny melting ones face. Like much of the Cryptoverse I'm simply looking for the right time to add to my stack. I am a hodler of last resort and true believer in the one coin to rule them all. However lately more and more personalities are claiming the bottom is in. Which is reminding me of what happened when BTC got stuck at 6K for several months. The best move is to be patient and not look to deeply into every $100 gyration for answers.
Now that we cleared that up I'm trying to look at longer indicators to get an idea of where the market is. Comparing the long/short ratio trend to where price has trended. I'm concerned to see longs piling up while we are sitting near yearly lows. In the past when longs were this high we had seen a large move up in Bitcoins price. However in this case we are seeing longs piling up just to hold the price in the $3400-$3800 range. While we can certainly move up it doesn't look like we have much gas left in the tank before another move down. A double bottom is possible as it would reduce the over leveraged longs to but this seem less likely to play out in my mind simply because altcoins have moved up nearly 50% since hitting there yearly lows while Bitcoin remains hanging on just above it.
Shorting here seems potentially disastrous and may lead to green wick of destiny melting ones face. Like much of the Cryptoverse I'm simply looking for the right time to add to my stack. I am a hodler of last resort and true believer in the one coin to rule them all. However lately more and more personalities are claiming the bottom is in. Which is reminding me of what happened when BTC got stuck at 6K for several months. The best move is to be patient and not look to deeply into every $100 gyration for answers.