BITCOIN SHORTS versus BITCOIN: No fall = No Rise?

toofasteddie (70)in #bitcoin • 6 years ago

Since BITFINEX launched its products in order to "Bet" against BITCOIN, the so-called BITCOIN SHORTS, there has been a clear correlation between the fluctuations BTCUSD SHORTS and BTCUSD pairs.

So, for instance, if we take both Trading Charts and put them side by side in the same period of time, you can see clearly how, as soon as BTC SHORTS falls there is an quasi-immediate increase of the BTC price, so, indicating that "BEARS' are not confident about the BTC price will go even lower and they sell their "bets" consequently...
You can see that effect in the following PIC:

On August 21st there was a sudden change on BTC SHORTS, and BTC started to move upwards movement.

Today is a little bit weird...

BITCOIN has an "OVERBOUGHT" RSI in the 4h-chart while BTCUSD SHORTS in bitfinex is within the healthy zone and with free grow-margin...

All-in-all, I don't see any short term "count" able to sustain a rise...for the moment...

I think we are going to see a longer sideways movement on BTC...unless we see a BTCUSD SHORT Sell in panic...

Trade safely.

@toofasteddie

*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

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