Btc has seen many consecutive down days before today and is currently at rsi support just above oversold on the daily. Bears are exiting shorts as you can see here on BTCUSDSHORTS. Last three big drops we had, short positions spiked to relative highs, bears were getting greedy but entered shorts at the lows and now its happening again only problem this time is...
We are in the midst of an ABC correction to the larger degree bear trend. We have dropped quite heavily to the 61.8% retrace and I believe that this is a zone of a flurry of confluence of resistances.
on the daily chart we see the previous resistance acting as a support currently as well as the long standing support which has been tested but never broken by more...
Now is a good time to start layering long positions for a second impulse off of this small retrace for those who missed the bus on the original impulse up. the BTCUSDSHORTS table shows the market entering about 2700 btc worth of short positions, nothing compared to the amount that previously entered longs but the rsi and macd are down ticking signifying that bulls...
