If you look at BTCUSDSHORTS (Orange) vs. price action, you will notice that at extreme levels, price action does the opposite. Note when we were approaching $20K, there were an extremely low number of shorts. This is in support of my red wave 2 Circle in this chart and previous ones. We still have more downside. Around when wave 2 Circle is nearing completion, I would expect BTCUSDSHORTS to jump up, maybe even to an extreme level. Wave 3 Circle should be strong.
Trade closed: target reached
Short target reached, within a couple of thousand. With the low number of BTCUSDSHORTS, we still may see $6800 area for THE low. The upside is great and now looking at long positions.
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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.