It pays to be a contrarian and never is this proved better than the BTC Shorts chart. In most cases, when it peaks into a resistance area shown in blue (and traders are betting that BTC will drop) BTC rises or at least moves sideways. More telling is when the shorts fall down to a support area shown in pink (and traders are predicting BTC will rise)... BTC has tended to begin a violent drop.
Essentially more often than not, BTC does the opposite of what the masses are predicting = be a contrarian.
BTC is now approaching this support area yet again, IF this plays out as before we can expect a big drop in BTC to be imminent. I would imagine something in the $2500 area to be feasible.
At the very least, this is something to be aware of when making your own Technical Analysis.
Please give me a thumbs up and follow me if you found my analysis interesting.
This is for educational purposes only and not a recommendation to buy or sell.
Essentially more often than not, BTC does the opposite of what the masses are predicting = be a contrarian.
BTC is now approaching this support area yet again, IF this plays out as before we can expect a big drop in BTC to be imminent. I would imagine something in the $2500 area to be feasible.
At the very least, this is something to be aware of when making your own Technical Analysis.
Please give me a thumbs up and follow me if you found my analysis interesting.
This is for educational purposes only and not a recommendation to buy or sell.
