reason why i think this will play out: 1)institutional smart $ is long on btc futures according to CFTC COT data 2) the current 2017/2018 btc fractal is still playing out to be very similar to the 2014 btc fractal. I'll be looking to buy back near the green zone and selling near 11.7k then look for shorts after confirmation of a top.
As a rule we'd agree but here's the issue with this COT data re BTC futures - you now have Mr Soros in the mix. He will destroy BTC and every one of those over educated "institutional" traders if he sets his mind to it just as he did the British Pound in the 90's. He destroyed them all along with the Pound and most never recovered. The COT means zero at this point but we'll see what shakes out. Thanks for posting this.