Or maybe this time it's a trap in the form of "oh look, easy long cause shorts flipped, foolproof pattern with confirmation" and this is the time the opposite will be true. Like when ppl find a trendline after 3 bounces and buy the 4th touch to then have it break down.
$BTC Longs/Shorts
Shorts on Bitfinex have finally surpassed longs.
Usually when this occurs (or whenever longs and shorts approach parity) price tends to find a bottom (I'm looking at yearly lows for now) soon and then use the shorts as fuel for a strong move up.pic.twitter.com/kjSeWyL8M7
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Could be a trap. It's definitely not a "oh look, easy long cause shorts flipped, foolproof pattern with confirmation" scenario. Just something to be aware of if you currently hold a short position, that you're in a relatively crowded trade. Any stops should be market orders.
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How do you mean using shorts as fuel for a move up?
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The liquidations of the shorts.
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when this happens banks usually fill their bags for about a week
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We need a few moves around zero (shorts-longs)
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There is already sfp as a support. I don't think it's logical to see the yearly low again. At that point, it may as well go down as much as possible. Equal short/long can also show the indecisive market sentiment.
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SFP != Support. One SFP does not invalidate any chances of going lower. Look at the 1W chart, no SFP coupled with a strong selloff. Unless some serious demand steps in kindling a short squeeze, yearly lows are very much in the picture. Don't hinge your entire outlook on an SFP.
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