BITFINEX SHORTS LOSING STEAM
Updated
Here we look at how price has reacted every time the shorts reached the key blue support zone. Worthy to note is that the most recent bounce off of this support zone has proven to be the smallest and we have just recently come right back down to support. Despite still being in control, this shows the Bitfinex shorting bears are losing steam.
Note
Two most likely scenarios are that A) Shorts continue their weak bounce from support, possibly pushing BTC down to 3500-3800 zone but fail to break previous highs, thereafter coming back down to yet again to test support and then breaking it, causing a rally for BTC, making it finally break the 4300 level.
B) Shorts have little to no continuation from here and bulls go ahead and break through the 4300 level, breaking out of the weekly equilibrium pattern without even creating a new higher low.
Scenario A seems more likely at this point.
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