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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.