We've seen strong selling on BTC on these last legs down with very little buy-side positioning.
When you close a long(buy) position it essentially turns into a short(sell), and vice versa
When BTC finally found some buyer interest at 9.3k we saw no followthrough buyside volume and sold off.
This to me, is a sign of profit-taking, rather than longs being...
LTC has seen some heavy accumulation over the last few weeks and has formed a VERY well structured inverse head and shoulders pattern.
The targets for a head and shoulders pattern is typically measured by taking the distance from the head to the break of the neck line, then taking that same distance from the break of the neck line to a target.
This just so happens...
Things are not looking good for Bitcoin.
As we can see from the last move up, we failed to eclipse or even retest the previous high at 14k.
This is a very bearish sign.
This was followed by a heavy selloff with substantial volume, telling us that
A) Sellers have come back into the market
B) Longs are being closed
We are now struggling to even break the 382...
