Many previously pumped altcoins have come down already, but bitcoin still fluctuates gently around 5.1k. Why does bitcoin not come down with others ? Is there any chance that the drop is over and we are seeing a pump soon ?
I don't think so. We're are seeing the longest wkycoff top since Feb 2018 as I mentioned in the previous analysis. Do you think the whales have exited most of their long positions they built around 3.6k during this incredible 15-day-long top or they will make a 3rd pump to erase the loss on long position built over 5k out of FOMO and offer people a 2nd chance to build short positions ? The answer is obvious.
Many analysis purely based on chart would think there's going to be a head and shoulder. But very likely, the shoulder supposed to be there have been “ironed” flat. Even the Tether news couldn't make the price go up in exchanges other than BFX.
The shorts/longs percentage indicator predicted the direction serval times in the past successfully. When there's a peak on the short leverage in BFX, the price goes down. But this time it could be different, those using the short leverage this time might be whales but not retailers like before. Whales seem to move from BFX to other exchanges and there are not enough bitcoins in their accounts. So they have to use leverage to open short positions to make profit from people buying in who are afraid of their Tethers to evaporate after the news.
Altcoins are also being sold to bitcoins cause there might not be enough depth for the whale to exit in Altcoin/Tether. They have to sell altcoins to bitcoins, which serves as an equivalent while temporary support to bitcoin, and dump those bitcoins to exit.
I don't think so. We're are seeing the longest wkycoff top since Feb 2018 as I mentioned in the previous analysis. Do you think the whales have exited most of their long positions they built around 3.6k during this incredible 15-day-long top or they will make a 3rd pump to erase the loss on long position built over 5k out of FOMO and offer people a 2nd chance to build short positions ? The answer is obvious.
Many analysis purely based on chart would think there's going to be a head and shoulder. But very likely, the shoulder supposed to be there have been “ironed” flat. Even the Tether news couldn't make the price go up in exchanges other than BFX.
The shorts/longs percentage indicator predicted the direction serval times in the past successfully. When there's a peak on the short leverage in BFX, the price goes down. But this time it could be different, those using the short leverage this time might be whales but not retailers like before. Whales seem to move from BFX to other exchanges and there are not enough bitcoins in their accounts. So they have to use leverage to open short positions to make profit from people buying in who are afraid of their Tethers to evaporate after the news.
Altcoins are also being sold to bitcoins cause there might not be enough depth for the whale to exit in Altcoin/Tether. They have to sell altcoins to bitcoins, which serves as an equivalent while temporary support to bitcoin, and dump those bitcoins to exit.
