Despite the recent sell off, BTC/USD longs consistently have higher lows since May and buyers still dominate on a longer time frame. Yet for now, there is a clear indecisiveness on the market to either direction.
This is a graph of Bitcoin Longs - Bitcoin Shorts on Bitfinex.
See the zero line a well.
This year has been brutal for bitcoin traders. The short orders have been squeezed and now the long orders and at all yearly highs. The break above $12,000 was a significant psychological push to Bitcoin's price.
Now the price has broken down below the 200-Day Moving...
This chart shows bitcoin longs have tried to break through resistance but got rejected several times. The AO is bellow 0 as well. To me, it looks like bitcoin will come further down giving shorts an opportunity.