PhinkTrade

Margin Traders Anticipating and Riding Well Latest Bull Move

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
As reported by spot vs margin volume indicator, traders' will to go long started 12-16 hours before yesterday's drop (1), likely betting on a 0.618 fib bounce. It happened swiftly after fib touch, with huge spot / exchange volumes kicking in, most in a single 1 min candle.

Shorters have contributed to the move with some good amounts of closings (2), aka short-squeeze. Short closings w/ claim transactions (3) were also substantial, and had no subsequent spot follow-throughs.

The rise gives bulls extra hope. But Bitcoin still needs substantial additional volume if it is to overcome the bearish structures configured above.

For the short-term, if it manages to break some of the downtrend, we can expect a rise to around 8 to 8.3k levels.

Trade well. Trade safely. Stay in the game.

Best,

PhinkTrade
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