BTC Update
$BTC is currently hovering around $6420, which is nearly 10% above the $5860 local low printed on the 13th. 24 hr volume is edging towards the 4.6 billion USD mark.
All indicators are pointing towards an enormous amount of volatility.
Bulls have pushed back sellers from 2018 lows with decent volume but bears are still overwhelmingly present.
The amount of open shorts on Bitfinex have seen a significant rise over the past 12 days. The long to short ratio on Bitfinex is roughly 0.7 which is the largest advantage shorts have had in terms of open positions since April 12th. Consequently, on April 12th a $1000 green candle was printed resulting in a massive short squeeze.
Additionally, there is a hidden buy wall currently operating on Bitfinex’s exchange with excess of 10k $BTC. Sells have outnumbered buys 2:1 in the past 15 hours which is traditionally bearish but this potentially could be a whale accumulating before a move upwards.
On another note, futures expiration is occurred yesterday at 4pm. Traditionally this has led to positive price action after their expiration.
The overall inclination is that a move upwards is likely before any continued downside. The expected resistance levels are around 6800 and 7200 for
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I usually just post memes. LOL