Shorts out number longs on bitfinex. That has me concerned there may be a short squeeze, as that's what happened the last time shorts out numbered longs. What's your opinion?
deliciouspodo
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@SamiWilf, I don't think one should try to analyze the # of longs vs shorts. That last time(BGD), there were some signs that whales were accumulating hard.
Right now, I think whales are distributing at 6500. I would wait for confirmation before shorting rather than predicting it. (wait for divergence)
SamiWilf
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@deliciouspodo, I hope you end up being right that shorts outnumber longs doesn't matter. Price just hit 6700.
SamiWilf
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@SamiWilf, You wrote " I don't think one should try to analyze the # of longs vs shorts". But why not analyze that? Whales go where the money is. Liquidate longs or liquidate shorts. Whichever makes more money
deliciouspodo
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@SamiWilf, I am underwater short with avg 6580.
Some of the massive shorts are by the whales themselves. I see this going to max 7k not more. Whales probably loaded a shit ton of shorts by the fuckery at Bitmex
SamiWilf
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@deliciouspodo, I'm in agreement. I noticed a bit of accumulation on bitstamp. But there was more distribution on Bitfinex, so I was seeing conflicting signals. Maybe they were manipulators in conflict. Also 1 week stoch rsi and rsi favor downward movement. I also looked at the stoch rsi, rsi, and volume of the top 10 altcoins. I didn't see accumulation like I saw before the past two pumps this year.
With that said, I do think shorts > longs is a fact that weighs against a dump. It's all about taking all the bits and pieces of information and weighing them and seeing which side of the scale wins in the end.
deliciouspodo
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@SamiWilf, If you notice, most of the trading was in the top range of 6400~6600, unlike April where it spent a significant time in the bottom accumulating
I could be wrong of course, but I definitely saw a lot of distribution at Bitfinex