The number of longs on Bitfinex has been trending downwards. This doesn't mean that those positions have gone short; but, it does mean that traders who probably went long sub $7000 have been taking their capital off of the table.
XBTUSD (kraken) formed an ascending triangle following the upmove. We then brokeout higher, but failed to confirm, forming a "big M" double top. We threwback into the pattern (the triangle) and then we moved into a downbreak. We quickly pulledback, then moved lower, now we are pulling back again. The 50% fibonnacci ($8165) has seen price reject 3-4 times, making...
We just printed a bearish candle below the previous bear candle - signifying a move out of whipsaw (where candles close within the range of the previous candle). If we break local support expect dumping pressure to pick up.
I would be moving into cash right now.
I COULD BE WRONG.
DO YOUR OWN ANALYSIS.