This is a graph of Bitcoin Longs - Bitcoin Shorts on Bitfinex.
See the zero line a well.
This year has been brutal for bitcoin traders. The short orders have been squeezed and now the long orders and at all yearly highs. The break above $12,000 was a significant psychological push to Bitcoin's price.
Now the price has broken down below the 200-Day Moving Average at $8,200. Hence, the long orders will be looking for a reversal. However, I don't see a reversal before we touch that 0 line! We could be moving way lower now. Beware.
See the zero line a well.
This year has been brutal for bitcoin traders. The short orders have been squeezed and now the long orders and at all yearly highs. The break above $12,000 was a significant psychological push to Bitcoin's price.
Now the price has broken down below the 200-Day Moving Average at $8,200. Hence, the long orders will be looking for a reversal. However, I don't see a reversal before we touch that 0 line! We could be moving way lower now. Beware.
