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.