Longs decreasing, Shorts decreasing so what does this mean?
Did longs and shorts suddenly mass exit?
Answer 1 : If rapid price movement downward = Longs have been stopped out & shorts have taken profit(Bullish Reversal) ~ well yes and no!
Answer 2 : If rapid price movement after breaking major resistance level then shorts have been stopped & longs have taken profit(Bearish reversal) ~ more likely so maybe a retest of inverse head and shoulders neckline?
This analysis maybe premature however as Inverse Head & Shoulder targets have not been met!
So $7.9K to $8K may still happen.
Did longs and shorts suddenly mass exit?
Answer 1 : If rapid price movement downward = Longs have been stopped out & shorts have taken profit(Bullish Reversal) ~ well yes and no!
Answer 2 : If rapid price movement after breaking major resistance level then shorts have been stopped & longs have taken profit(Bearish reversal) ~ more likely so maybe a retest of inverse head and shoulders neckline?
This analysis maybe premature however as Inverse Head & Shoulder targets have not been met!
So $7.9K to $8K may still happen.
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Target for inverse head and shoulder met
