PRICE ACTION BIG reduction in ETH margin long positions!
24 hours ago, ETH longs were almost 2.4x an average day’s volume; and they are currently down 10%; most likely through stop loss activations through the push down to $155.
On the 4H chart; RSI is again coming up to test its resistance and the price action is currently looking for resistance around the $165 zone (which had previously been supportive). Volume remains missing on the bullish side; so, without any fresh capital...the likely outcome still favours the bears.
The 5m chart shows signs of price becoming overbought – at least in the short term – which comes right in line with the test of the old support line. Will this be enough catalyst for a breakdown?
Finally, the 28D MA is now up over the $155 and likely giving some bullish sentiment to short term traders. It will be interesting to see whether it’s enough to break back above $170.
OPEN INTERESTS (BITFINEX) Long: 2.08 Days Short: 0.39 Days