Market is in an indecisive position that might trigger an upside move a potential 11.557 Usd target for BTC . That move also has the potential to trigger the bigger frame symmetrical triangle that targets 25.000 in turn.
Although, it is obvious for some, that there are two symmetrical triangle formation in one another. ( A bigger trangle targeting 25 K while another small triangle with a target of 11.557usd) Execution of the smaller triangle also has the potential to trigger the bigger triangle. And thus ending the 898 days of BEAR Market
On the other hand, as we are at the top of the bigger triangle, there are traders and investors also expecting to have a local top, and a move to down side to hit the lower band of the triangle.
I suspect those two possible scenarios make the market totally indecisive about the direction of the market; that indecisiveness is reflected in the total leveraged positions of BTCUSDLONGS and BTCUSDSHORTS . ( Data from Bitfinnex)
During the history of this indecisiveness index in this bear market , when it hit this low, it triggered a significant upside move as shown by red spots.
Also considering the market sentiment of different sources, the main sentiment lies between fear or cautious neutral; it won't be wrong to say that market is mainly under positioned for an upside move, that might be perfect fuel for an upside move
Although, it is obvious for some, that there are two symmetrical triangle formation in one another. ( A bigger trangle targeting 25 K while another small triangle with a target of 11.557usd) Execution of the smaller triangle also has the potential to trigger the bigger triangle. And thus ending the 898 days of BEAR Market
On the other hand, as we are at the top of the bigger triangle, there are traders and investors also expecting to have a local top, and a move to down side to hit the lower band of the triangle.
I suspect those two possible scenarios make the market totally indecisive about the direction of the market; that indecisiveness is reflected in the total leveraged positions of BTCUSDLONGS and BTCUSDSHORTS . ( Data from Bitfinnex)
During the history of this indecisiveness index in this bear market , when it hit this low, it triggered a significant upside move as shown by red spots.
Also considering the market sentiment of different sources, the main sentiment lies between fear or cautious neutral; it won't be wrong to say that market is mainly under positioned for an upside move, that might be perfect fuel for an upside move