I think that the obvious move is to start accumulating here. RSI has been oversold on the 4 hr and is very close to oversold on the daily. momentum indicators are diverging bullishly and shorting even if potentially profitable is stupid at this point. I would personally start accumulating small pieces of my long position here and add as we fall or if we make a higher low or wait and keep money out of the market until more bullish sentiment becomes apparent in the chart. One thing I do want to mention is the short table for bitfinex rising very high, almost 10k bitcoin going short since the beginning of august and i assume the same is happening on other exchanges, so if everyone shorts the market the price goes down right? wrong. the last three times we hit the bottom in this correction everyone went short
The three dates marked above are the same marked below. see the pattern?
seems
every time price dives low and people short the market it provides an opportunity for the whales to kick-start the market in the opposing direction and liquidate all the leveraged positions (this mostly happens with shorts in crypto as they must be leveraged). The whales provide the initial impulse which is why it seemingly comes out of nowhere sometimes and the push becomes stronger as positions are liquidated. Finally the average investor with a bullish outlook finally has his confirmation to go long and there you have it, three catalysts for an impulse to the upside. Im not saying this will happen but theres a good chance that the pattern repeats itself. Im waiting before I buy because the reaction is weak and I feel that the bulls are still cautious here. I think we could set a new low and if we do look for shorts to soar even further and then the squeeze.
The three dates marked above are the same marked below. see the pattern?
seems
Comment:
Comment:
btcusd shorts chart supposed to be above
