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.
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Bitfinex Longs vs. Shorts counts (BST 20:00 - 27/08/2018)
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.
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BTC may follow the yellow brick road....
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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....