Bitfinex open longs and short

This is not standard TA you can use for the open shorts and longs. However i do think there is something we can learn/see from this. The open longs have been very weak for a while now. TA wise there are some trends to be seen here. For the shorts, i think if that red zone breaks we might see a short term trend break for Bitcoin again. But more important, the open longs need to increase, because that tells us even more what the market's intention is. From the looks of it, the bulls might be gathering some courage now and are slowly buying with leverage again (3.3x max on finex)

When looking at the 6800ish level, the purple zone inside the blue one. We can see again how important the 6800ish level was and probably still is. So the as i mentioned for a while now, the 6800 will be a very important level to break for the bulls. The open longs are starting to increase as well at the moment, so based in this information the bulls are probably on the upper hand now. But this does mean, the bulls need to hold their levels now, just like they did on 15/17 July 2 months ago. They need to keep the pressure on the bulls.

But looking back at that week, we can see the open shorts/longs did not have a real meaningful road map for us. If we would just be able to know which side retail money has on Bitmex and which side the professional money has. The volume there is so much higher. For the ones who don't understand why, the move we had 2 days ago is a perfect example, that drop to 6100 and rally to 6550. They destroyed almost every bear and bull there, taking money from both sides.

In summary, if we want to see a good rally, we need to see the open longs increase and the shorts decrease.

When having questions, just ask and i will try to answer them.

My current bitcoin analysis is:

Comment:

Not big moves yet, but there is a start now it seems.

Comment:

Shorts are still dropping, which is a good sign. Means shorts are trying to get out at these price because at least these people expect that it will go higher. Only the open longs don't share that thought yet.

Comment:

For my bullish view of the market, we need to see the long increase. As long as that doesn't happen, it means the confidence is too low to make a big rally. So i think it's important to keep an eye on this.

Comment:

Shorts are still dropping, it's still inside that purple zone. Based on this, since the move of Bitcoin and the open shorts and longs, we could see a bit more downside movement and than another move up again, assuming it will do the exact same thing. This is no advice or normal TA, purely based on something that has not been tested.

Comment:

Comment:

Longs increasing a bit again