BTC (Y19.Nov.Shorts) At previous lows

BTC shorts on Bitfinex are near the bottom just like after the parabolic selloff and hence can be indicating that many are going long with BTC.
This might explain why the price doesn't go down, not enough sellers.
It also sort of fits into the overall perception I have with BTC and that is the institutions are coming in at this price, 9K is to be bought up.
The Adam formation is complete and probably a long drawn out EVE pattern to follow.

Either way, the market seems to be bullish, even after a 40% spike and 13.5% selloff, the price refuses to drop further.

Just my thoughts.

Cheers,
S.Sari

Kommentera:

I did the chart slightly incorrectly for the long term, Shorts will increase as we get to the upper resistances however the overall sentiment, the market is to go long. So shorts will range sideways.