BTCUSD FinexA comparison between Finex´ BTCUSD and their Longs is showing us a significant relation, we did have before.
The expression is becoming less volatile, due to decreasing volume. The triangle / wedge (could be both, bearish AND bullish right now)
comes back into play and the further we will dangle here, the more likely will the retrace happen into the $3500´s, maybe lower.
On the other hand, we have broken out altcoins, including Ethereum, which developed BEAST volume recently.
Even though I really WANT everything to recover, I am finding signs for both directions and don´t decide now on a trade setup,
but stay more short-term bearish then bullish in the gut.
BTCUSDLONGS trade ideas
BTCUSD VS. Longs & ShortsAS seen in the chart we have a large divergence with the price of BTC vs the shorts of BTC (Shown with Blue Fractals). The last divergence resulted in a large dump.
Longs have had a small run with the price not moving up very much. Longs have been on a cycle of an uptrend then a dump thereafter, also resulting in a dump of the price of BTC (shown with green fractals and white arrows).
The price of BTC has been in a channel since the 12th of January. There is sideways movement in the channel until it reaches the top trend line, which then results in a dump. I see this pattern playing out very closely.
In contrast, BTC is getting very much growth fundamentally.
LONGS VS SHORTS ANALYSIS - TICKING BOMBTotal leverage exposure is starting to reach towards lows which have been seen at each previous top preceding a dump in this market.
Longs have increased from 20k to 30k from $6k
Shorts are reaching the 20k lows which we have seen in advance of each previous dump
Conclusion – Retest of 3k coming.. eventually it will be but prly need to clean these longs out first.