Hindsight is 20/20 - we've been in a continuous squeeze on the 2h chart for ~36 hours. It just didn't look like it at first because it started by reversing upward momentum, not to mention the several hundred point fluctuations but the timing matches the breakdown of the bear flag pointing to 6600. It seems that being short without being so leveraged that the swings could get you was the right call for the past two days.
We tested once then decisively broke the 0.302 Fib retracement (7698) for the continuous weekly chart bull run going back to 2015, actually, under a 30M squeeze firing. We just briefly retested and failed it as resistance on a 1M squeeze that spiked the price nearly $200 quickly.
We're getting close to the border of the descending wedge at ~7400-7500 depending on how you draw it. If we're going to bounce now, I would pick there. Check BTCUSDLONGS. It peaked 3 days ago and has held steady. There's a lot of leveraged bulls who will get squeezed if we start dropping much further. This either ends very soon or it ends very low very quickly.
I'm a very new amateur and you definitely shouldn't take anything I say as financial advice. I'd be happy for any feedback.
teach me how to analyze the btc longs ? I don't really get it.. how do i see how many people have bet on long positions?
acatwithcharts
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@Condiments, the symbols BTCUSDLONGS and BTCUSDSHORTS show the raw number of margin-traded long and short positions on Bitfinex (at least, that’s my understanding). Generally that seems to have been used in the past as measure of market sentiment, but I found it noteworthy right about now because the ATH amount of bulls who are presumably still stuck in leveraged positions could quickly accelerate a collapse.