BITCOIN: ROCKET FUEL LOADED

Bitcoin continues to show signs of strength.

The Short positions at Bitfinex are now higher than those that preceded the breakout which took us from 4-5k

The Long positions at Bitfinex are now the same as those that preceded the breakout which took us from 4-5k

Bitcoin continues to grind up, without sign of there being any leveraged positions being taken up which implies to me that there is aggressive spot buying in this market, which those shorting it cannot stop.

This leads us to a senario where there will be short positions heavily exposed - aound 6k shorts are underwater and at risk of being liquidated.

BULLISH.

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Kommentera:

Just to put this into perspective, the shorts bottomed out after the pump to 5k down to 17k... that was a net 3k selloff.

All 6k shorts would need to go to take us back to the 17k.. thats a huge amount of load to the buy side..

This + fomo is a sweet sweet position.

Big move.

Kommentera:

Updated... nice move over night... the bears keep coming.. RIP.