This is a graph of Bitcoin Longs - Bitcoin Shorts on Bitfinex.
See the zero line a well.
This year has been brutal for bitcoin traders. The short orders have been squeezed and now the long orders and at all yearly highs. The break above $12,000 was a significant psychological push to Bitcoin's price.
Now the price has broken down below the 200-Day Moving Average at $8,200. Hence, the long orders will be looking for a reversal. However, I don't see a reversal before we touch that 0 line! We could be moving way lower now. Beware.
See the zero line a well.
This year has been brutal for bitcoin traders. The short orders have been squeezed and now the long orders and at all yearly highs. The break above $12,000 was a significant psychological push to Bitcoin's price.
Now the price has broken down below the 200-Day Moving Average at $8,200. Hence, the long orders will be looking for a reversal. However, I don't see a reversal before we touch that 0 line! We could be moving way lower now. Beware.
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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.