There are waves of selling and re-accumulating - and when someone is closing their longs progressively only to re-open them you can see this. Bitfinex BTCUSD - longs graph is always interesting to me. Note this last little capitulation zone - perhaps out of boredom/fear. A new gradient perhaps or the previous trend line stays intact. An algorthim that is building a position long term would have point where it flipped and this count of longs may be reflect that.
You can see that it has bounced from the lower line suggesting that most other TA and price action will bend over versus whatever algo has flipped long and it will be taken up ... inexorably until its time to start dumping it continuously amidst confusion when everyone remains bullish.