BitcoinShort
Bitcoin coming back down?
PRICE ACTION
Volume has been steadily decreasing since the breakout. RSI is bearish on several timeframes; suggesting that the next action will be a lower. Interestingly, over the last week a few suggestions have related to a short squeeze being the catalyst for the upward movement – however the impact (on Bitfinex at least) was only a reduction of ~33% of the short volume. Long margin positions also took the opportunity to cover; at roughly the same % of total.
52W MA is a little below 6k; so, the logical position would be that there is significant resistance above – approximately 13% risk on a short position.
OPEN INTERESTS (BITFINEX)
Long: 2.37 Days
Short: 2.07 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 5335, 5879 (52W MA), 6200
Support: 4880, 4476 (26W MA), 4269 (28D MA)
PREVIOUS ANALYSIS
Volume has been steadily decreasing since the breakout. RSI is bearish on several timeframes; suggesting that the next action will be a lower. Interestingly, over the last week a few suggestions have related to a short squeeze being the catalyst for the upward movement – however the impact (on Bitfinex at least) was only a reduction of ~33% of the short volume. Long margin positions also took the opportunity to cover; at roughly the same % of total.
52W MA is a little below 6k; so, the logical position would be that there is significant resistance above – approximately 13% risk on a short position.
OPEN INTERESTS (BITFINEX)
Long: 2.37 Days
Short: 2.07 Days
RELATIVE STRENGTHS
- Micro (5m): Flat
- Short Term (4h): Bearish Divergence
- Mid Term (1D): Overbought
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): Lower
KEY PRICE AREAS
Resistance: 5335, 5879 (52W MA), 6200
Support: 4880, 4476 (26W MA), 4269 (28D MA)
PREVIOUS ANALYSIS
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.