BTCUSDLONGS Interpretation
#Bitcoin
#BTC
#BTCUSDLongs
In the first picture, you can see the number of long positions opened at Bitfinex exchange. as you can see the number of long positions is consolidating in a narrow falling wedge channel (yellow triangle), so we expect a breakout soon. one more thing that confirms breakout is RSI divergence.
but you may ask "how does this affect bitcoin price?!", for the answer I recommend you to look at blue flashes, as you can see every time that number of long positions reacted its trendline, Bitcoin started an uptrend.
I think there is no indicator that can show you the exact bottom of an uptrend like this!
I appreciate seeing your comments and thoughts,
#BTC
#BTCUSDLongs
In the first picture, you can see the number of long positions opened at Bitfinex exchange. as you can see the number of long positions is consolidating in a narrow falling wedge channel (yellow triangle), so we expect a breakout soon. one more thing that confirms breakout is RSI divergence.
but you may ask "how does this affect bitcoin price?!", for the answer I recommend you to look at blue flashes, as you can see every time that number of long positions reacted its trendline, Bitcoin started an uptrend.
I think there is no indicator that can show you the exact bottom of an uptrend like this!
I appreciate seeing your comments and thoughts,
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