Hello friends. Our last Bitcoin idea was bullish , and it is still valid in terms of EWT rules, but we are starting to become skeptical of it. The reason for this skepticism is that the open interest dropped an incredible 9% during the course of the 4 hour period where prices rose violently. When we saw this, we immediately sliced the long position off at a profit. Why would we do this? It's because the open interest is an indicator of how strong a trend is.
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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.