BitcoinUpdated BTCUSD Shorts at ATH, Longs/Shorts ratio at all time low
This is BitFinex shorts/longs total amount in BTC at the bottom
Shorts at an all time high, shorts to longs ratio is at an all time high as well, by far.
Maybe just a bit of spook is needed to make the shorters shit their pants I think.
But I think this weak news (the rejected ETFs to be reviewed) are not enough to spook bears. Really, a decent price pump, THEN followed by bull news might start the short squeeze.
Too early to call entries/stops/exits.
A possible way to play this would be to get into a small but long-term position when the price exits this range of 6900 - 6200, going long if the price breaks 7000 and short of price breaks 6200. BUT I really don't like that setup. I will stay on the sideline for now.
Shorts at an all time high, shorts to longs ratio is at an all time high as well, by far.
Maybe just a bit of spook is needed to make the shorters shit their pants I think.
But I think this weak news (the rejected ETFs to be reviewed) are not enough to spook bears. Really, a decent price pump, THEN followed by bull news might start the short squeeze.
Too early to call entries/stops/exits.
A possible way to play this would be to get into a small but long-term position when the price exits this range of 6900 - 6200, going long if the price breaks 7000 and short of price breaks 6200. BUT I really don't like that setup. I will stay on the sideline for now.
Note
In hindsight would have been a great long trade. Now the shorts value has dropped by a lot and is actually slightly below longs value now. Note
Lesson to learn here - be bold when such rare opportunities present themselves.
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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.
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.