Hi everyone,
I just wanted to do one more post before bed. It was interesting to see this chart for BTC shorts and it will be even more interesting to see it over the next little while. This chart tells a tail of lost opportunities and lost funds.
If you look back at the recent past, the amount of money in a short position is not very closely correlated with the price. It seems most people have a very difficult time of picking tops and bottoms, are slow to pick the change of direction, and tend to accumulate at the points when BTC finds support. BTC dropped nearly $1000 from $8500 to $7600 before shorts started to pick up.
My prediction: There will be a LOT of money lost as short isn't where you want to be right now. Watch for the Bitmex bot calling short liquidations on twitter starting in a few hours. This will add a lot of strength into the next bull-run up to $10k+. Yeah, I know that's a big call. See my other posts that show how if BTC stays above $5755 (I would be surprised if it goes below $6000) that the next run will be significant and strong. If you are interested in seeing why I think that, please check out my other posts on BTC.
Thanks for viewing. Please note that I am relatively new to TA, am not a professional, or your Mum, so please do your own research. Preserve those funds people.
I just wanted to do one more post before bed. It was interesting to see this chart for BTC shorts and it will be even more interesting to see it over the next little while. This chart tells a tail of lost opportunities and lost funds.
If you look back at the recent past, the amount of money in a short position is not very closely correlated with the price. It seems most people have a very difficult time of picking tops and bottoms, are slow to pick the change of direction, and tend to accumulate at the points when BTC finds support. BTC dropped nearly $1000 from $8500 to $7600 before shorts started to pick up.
My prediction: There will be a LOT of money lost as short isn't where you want to be right now. Watch for the Bitmex bot calling short liquidations on twitter starting in a few hours. This will add a lot of strength into the next bull-run up to $10k+. Yeah, I know that's a big call. See my other posts that show how if BTC stays above $5755 (I would be surprised if it goes below $6000) that the next run will be significant and strong. If you are interested in seeing why I think that, please check out my other posts on BTC.
Thanks for viewing. Please note that I am relatively new to TA, am not a professional, or your Mum, so please do your own research. Preserve those funds people.