I'm still neutral, if bitcoin goes above $38,500 and closes at least two consecutive daily candles above there, then I am bullish.
Until then i'm cautiously Neutral, and realistically expecting a dump. if there is a continuation of bullish volume tonight through tomorrow, and we breakout to 38500 then i'll re-evaluate
P-macca
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Pardon my ignorance, but what does the scale on the left means? I mean, it's USD, but what it stands for?
noam_chom
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Left bar (18,785) means total open positions which are short against bitcoin. its not quantitative (USD amount) think of it as a number of total users 1-2-3-4-5 etc
You expect bears to get hurt when the amount of shorts is significantlly higher than that of may 17? Lol!!!!!! Do you believe yourself?
testertje777
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@urus888, If for some reason btc breaks up higher, these shorts will be squeezed out. Anything is possible right now. Whether it be another significant drop or a short squeeze.
If this data reflects a crystal ball, then this market is very easy to predict, right? Have you made only right predictions so far?
And besides, I don't see him say he "expects" anything, he "hopes" it. There is a difference between those words.
Side note: people are calling lower and lower and lower, same as they were calling higher and higher and higher at 60k. For that reason only I feel that 30k will hold.
noam_chom
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@testertje777, i agree here Tester, i'm neutral for now. based on my analysis $38,500 breakout and hold is when we can party again and gamble on a new ATH later in the year
the impending death cross is likely the indicator that has so many people front running bearish price continuation.
what is happening today to both BTC price, and BTC short positions is more likely to be a Bull Trap - than a sustainable reversal off of this 50% selldown