Bitcoin has been trying to break 9500$ resistance for 11 days. Bulls fighting against bears. At last, one of bulls or bears will show us the next move. if bears conquer bulls, the path will be a downtrend and vice versa. so the question is how to predict the winner of this fight? bulls or bears? I have some evidence that shows bears are exhausted. Take a look at the "BTCUSDShorts" chart, the number of short positions is trading inside a rising wedge channel so a breakdown is expected.
But you may ask "What does this breakdown mean?". Actually it means that most of the bears are hopeless and exhausted and as a result, they would close their short positions and bulls will control the whole market.
Consider that the "BTCUSDLongs" chart is in an uptrend as I wrote about it.
But you may ask "What does this breakdown mean?". Actually it means that most of the bears are hopeless and exhausted and as a result, they would close their short positions and bulls will control the whole market.
Consider that the "BTCUSDLongs" chart is in an uptrend as I wrote about it.
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Related publications
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.