BTC/USD - Long interest is skyrocketing, which is a bearish sign

In this chart you can see that BTC long interest on Bitfinex is skyrocketing, which is generally a contrarian indicator. Too many people appear to think that the bear market is already over. I think we may however see a substantial drop in the price of BTC in the time ahead, once the present short-term rally has no more legs and the bears take over once again.

Good luck trading.

Comment:

Long interest is nog again approaching all time high (ATH). We may see a sharp drop in BTC price fairly soon.