BTCUSDSHORTS is indicating the recent sell off might be over

BTCUSDSHORTS plots the number of outstanding BTCUSD short contracts.

Here is shown the comparison of these shorts to bitcoin.

As you can see, the number of short contracts, plotted in red, is reaching the upper levels.

BTCUSDSHORTS is a contrarian indicator. When the level is high after a bitcoin selloff, bitcoin is likely to rally.