A WORRYING DATA FOR REVERSAL
My last analysis on Bitcoin was relatively bullish , at least in the short term.
But looking at what happened in the last couple of days may be concerning for bulls. The ones who were hoping for a massive short squeeze like the one we had on April 12th may be disappointed. There's a big difference with the April move : instead of building new shorts while price is stable, we actually closed almost 6k BTC shorts while price stayed at the same level (6.1k/6.2k).
What that means is that bulls will need more buyers to make price go higher and won't probably be able to count on shorts being forced to close (buying back at market price) since a lot of them already closed. So until I don't see a big amount of shorts getting opened in the lower 6k range, I'm not expecting a short squeeze but more like a steady grind to the zones of resistances I highlighted before getting lower after breaking a new potentiel bearish pattern ( bear flag , rising wedge ...)
I want to say this doesn't make me bearish in the short term neither, since Bitfinex only accounts for 3% of total volume exchanged for Bitcoin. But it just allows me to weigh a bit my short term bullish bias that have much more relevant indicators.
But looking at what happened in the last couple of days may be concerning for bulls. The ones who were hoping for a massive short squeeze like the one we had on April 12th may be disappointed. There's a big difference with the April move : instead of building new shorts while price is stable, we actually closed almost 6k BTC shorts while price stayed at the same level (6.1k/6.2k).
What that means is that bulls will need more buyers to make price go higher and won't probably be able to count on shorts being forced to close (buying back at market price) since a lot of them already closed. So until I don't see a big amount of shorts getting opened in the lower 6k range, I'm not expecting a short squeeze but more like a steady grind to the zones of resistances I highlighted before getting lower after breaking a new potentiel bearish pattern ( bear flag , rising wedge ...)
I want to say this doesn't make me bearish in the short term neither, since Bitfinex only accounts for 3% of total volume exchanged for Bitcoin. But it just allows me to weigh a bit my short term bullish bias that have much more relevant indicators.
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