I always like to use different technical analysis to come up with new ways to analyze this market. Here, I used an EMA ribbon onto a ratio that links the amount of open longs to open shorts on Bitfinex.
Basically, BITFINEX:BTCUSDLONGS/BITFINEX:BTCUSDSHORTS outlines the instantaneous sentiment of the market: basically, it tells us what the market thinks about the...
Total leverage exposure is starting to reach towards lows which have been seen at each previous top preceding a dump in this market.
Longs have increased from 20k to 30k from $6k
Shorts are reaching the 20k lows which we have seen in advance of each previous dump
Conclusion – Retest of 3k coming.. eventually it will be but prly need to clean these longs out first.
I know I said I wasn't going to post until Monday, but I wanted to get this out there now because we're at a major decision point for the market. This gives an idea of what I'm expecting for Bitcoin. Doesn't have to play out this way, but I'm interested nonetheless :) Hope you enjoy.
I probably won't be posting any new charts this week since I have to take care...
Since my last (from FEB 19) idea regarding BTCUSDSHORTS and LONGS, there has been a lot of psychological manipulation in my opinion
The goal is to create a short squeeze thus doubling buy volume to reach a very high (5000 range) btc target.
SHORTS seem to be near a critical amount AND LONGS are at a vital last stand for massive opening of positions.
This is about...
tin this chart we can see, that when longs and short both decreased a short term uptrend was the result.
We can see it in the rectangles in the purple areas.
The white line is BTC. The red line are the shorts to visualize it more visually.
The verticals show the points when btc longs AND shorts both fall down- this happened 3 times.
BTC Longs have reached a critical support level that coincided with the recent top at the apex of the last rally off of the 200 Week MA. A break through this support level may indicate an important trend change leading to a double-top or higher high in the coming days.
A comparison between Finex´ BTCUSD and their Longs is showing us a significant relation, we did have before.
The expression is becoming less volatile, due to decreasing volume. The triangle / wedge (could be both, bearish AND bullish right now)
comes back into play and the further we will dangle here, the more likely will the retrace happen into the $3500´s, maybe...