ShinjiOsako
Short

Bitfinex Shorts At ALL TIME LOW

BITFINEX:BTCUSDSHORTS   BTCUSD Shorts
Before this analysis, i want to share my analysis the before. I called this local bottom around $6600 levels and bought BTC at this level.

BTC is now $7600. It's clear long trade for me.

Reasons that i took trade are;

-Bullish divergence on RSI and price action,
-Horizontal Supports,
-Hashrate and difficulty levels (I always check them)
-Finally Elliot Count

You can see my call here;


Now as you see at main analysis bitfinex shorts are at all time low.

How we approach this data?

-First, it is obvious that less people want to sell their BTC because they think that price will go up.

-It is a good bottom signal + count support it + divergence on 12 HR . And here is my second bottom call 1 MONTH ago ;


And finally hash ribbons are about to crossing back up. It is really bullish signal i will do another analysis about when it crossing up. But now i can show you here ;


Overall,

We likely had bottom. BUT there is one more count that we could see $5800 and it is probablity.

I am hedging my risk incase we could see $5800.

Also i will share my $5800 count later. Thanks for reading. Nothing financial advice.

Like, share and follow.

Comments

Probably a silly question, but how do you hedge BTC?
Reply
@Gaengphed, opening a short from tecnical point. It's not silly btw. Don't afraid of learning.
+1 Reply
Gaengphed ShinjiOsako
@ShinjiOsako, Thanks!
Reply
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