I am just posted about a bear trap happening with Bitcoin on the one hour chart. Now that I look at the four hour chart I also feel confident in this theory.
There are a few differences if you notice it does seem that the four hour periods have had much stronger dominance for selling volume yet it does appear Bitcoin is recovering quite well. This leads me to believe that much of the short sellpressure has stopped and even possibly has swang to the buy side.
I am including the price versus estimated leverage ratio using Binance exchange as you can see in June and July there was a sharp dip in leverage ratio before Bitcoin took off to new all time high it does appear that we are approaching the same type of area. Credit CryptoQuant.com
There are a few differences if you notice it does seem that the four hour periods have had much stronger dominance for selling volume yet it does appear Bitcoin is recovering quite well. This leads me to believe that much of the short sellpressure has stopped and even possibly has swang to the buy side.
I am including the price versus estimated leverage ratio using Binance exchange as you can see in June and July there was a sharp dip in leverage ratio before Bitcoin took off to new all time high it does appear that we are approaching the same type of area. Credit CryptoQuant.com
