I think Bitcoin is poised for another decent sized pop. After confirming $560's as strong support, sellers have been holding price below $650's for a while. This is classic consolidation with higher lows and lower highs. ANY major news event could squeeze shorts or cause longs to panic.
So, as of right now I'm still bullish long-term but watching news and breaks of this key consolidation pattern to determine if we're gonna move towards the next long targets of $680 - $775, or if we'll get a retest of $560's first. Either way I think a good trade is coming.
BE PREPARED FOR A POP IN EITHER DIRECTION! YOU CAN MAKE MONEY ON EMOTION IF YOU'RE PREPARED AND QUICK ON THE TRIGGER.
hmm... made some profit on the short but got the position sizing a bit smaller than I should have... wonder if I've missed the boat (to be displined...)... or whether to reenter short on possible resistance at $600 ...
Dafinci
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Chris,
Seems BitFinex longs to shorts ratio with swaps is 20:1. Do you think we'll see a massive long squeeze to the downside?
chrisdunntv
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good question... I don't think it would take much to create a washout and run stops
Jameve
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Yeah there is barely any shorts. In fact it's been months since short swaps was this low.
johnrfraser
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Hi, I'd had the impression most people were bearish and expecting a short to 565 or below...this suggests the majority are actually long. If so many are Long, why are we not going anywhere?
Muwa
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Most of the bulls have already bought in (many on margin!) and newcomers are not that numerous. Add to that short interest is low and you end up with price stagnation.
johnrfraser
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Thanks Muwa, that makes a lot of sense. I was looking for some sort of conspiracy theory about price fixing. Logic is a refreshing option, thank you :-)
PrinceAchanfuo-Yeboah
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@chrisdunntv, I kind of like you...n your service..very new in Bitcoin...but will have to learn a couple of things...Thanks