Bitcoin Shorts and the Cup and Sausage Pattern
I think the Bitcoin Shorts are trying to complete the classic "Cup and Sausage" pattern. You can finish drawing the rest of the chart because I got in trouble with the moderators the last time I posted one of these patterns. lol
BBS Out!
BBS Out!
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They continue to try to knock down Bitcoin and yet it continues to rise even as I post this chart. (4 Hour Shorts)
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Bitcoin 4 hour
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Right on cue. When the Bitcoin price rises the shorts start selling even more. When are they going to realize it's not going to stop Bitcoin?
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The above chart is a 1 hour look at what the shorts are doing and the below chart is a 1 hour look at what the sane people are doing.
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I am SERIOUSLY becoming concerned about this. Bitcoin continues to race upwards and the short positions continue to increase. It does not make sense to me. If these moves are not fueled in part by "short covering" then this is ALL organic buying. That is not bad, it means there is and EXTREME demand for Bitcoin.
But.... If it is NOT organic buying then whatTF is it? Are the Exchanges filling our buy orders with Bitcoin they don't have? Is there not enough Bitcoin on the Exchanges to meet the demand and therefore their only choice is to fill the orders while taking a SHORT POSITION? If so, it's good for the Bulls who have their BTC offsite but is may suck BIG TIME for those with all of their BTC on the Exchanges. Just like the FED, they can't do this shit forever. This is just one man's opinion but I welcome a better explanation of why the Bears are happily taking so much pain without covering. Anybody?
But.... If it is NOT organic buying then whatTF is it? Are the Exchanges filling our buy orders with Bitcoin they don't have? Is there not enough Bitcoin on the Exchanges to meet the demand and therefore their only choice is to fill the orders while taking a SHORT POSITION? If so, it's good for the Bulls who have their BTC offsite but is may suck BIG TIME for those with all of their BTC on the Exchanges. Just like the FED, they can't do this shit forever. This is just one man's opinion but I welcome a better explanation of why the Bears are happily taking so much pain without covering. Anybody?