Cryptogame - Margin Battle

Another chart. I have too many other charts to put here, which I will add in description later. There is a lot going on behind the scene. Bitmex 100x leveraged trading has had a clear impact on the cryptomarket. Other leveraged trading options at Bitfinex for alts are playing a major role and have resulted in wicks which are not ignorable. Currently the alts have too many long positions compared to shorts, where as BTC and only 2-3 others alts have more shorts than longs. Of course there are always other aspects to look at and clearly have an impact on the inter- and intraday prices.

Please leave a comment (healthy discussion please) and click on the agree button if you do agree or like this chart.

Thanks.

Comment:

Bitfinex Longs vs. Shorts counts (BST 20:00 - 27/08/2018)

BTCUSD LONGS – 29127
BTCUSD SHORTS – 35955 (higher)

ETHUSD LONGS – 263172 (higher)
ETHUSD SHORTS – 141613

NEOUSD LONGS – 414622 (higher)
NEOUSD SHORTS – 99552

EOSUSD LONGS – 12141437 (higher)
EOSUSD SHORTS – 8033379

IOTUSD LONGS – 22106081 (higher)
IOTUSD SHORTS – 8021838

BCHUSD LONGS – 28262 (higher)
BCHUSD SHORTS – 19651

OMGUSD LONGS – 710134 (higher)
OMGUSD SHORTS - 155737

DSHUSD LONGS – 22786
DSHUSD SHORTS – 41084 (higher)

BTGUSD LONGS – 147261 (higher)
BTGUSD SHORTS – 45339

Comment:

Spot the pattern

Comment:

We have a breakdown on the rising wedge now....

Important dates:
CME BTC Futures expiry - 6th September 2018
SEC's decision deadline on Bitwise BTC ETF application - 7th September 2018.
SEC's decision deadline on CBOE/SolidX BTC ETF application - end of September 2018.

Comment:

BTC may follow the yellow brick road....

Comment:

As long as BTC is within this channel, the expected direction is downwards....

Even if it goes up, the purple line (61.8% fib level) is the maximum upside move that I expect at this stage... unless SEC approves the ETF... in which case we will all have fun chasing the cryptomarket....