Point : I just learned about the Bitfinex LONGS/SHORTS so take this analysis with a grain of salt but I think the shorts are about to get rekt. Besides from our earlier chart where we saw RSI is breaking out on the Weekly BTC chart, on this chart shorts look like they are in an broadening wedge pattern which can be a top. There also looks like the wedge is starting to flag on support so I think we're about to see a BTC take-off and watch BTC shorts drop big time.
Counterpoint : I think the RSI is diverging negatively from price, but it could be forming a falling channel to break out of to the upside. The amount of shorts is close to the bottom of the wedge so it could be a time to short BTC as the short interest rises to hit the top of the pattern.
All in all I think shorts get rekt, but we will see. GL
Counterpoint : I think the RSI is diverging negatively from price, but it could be forming a falling channel to break out of to the upside. The amount of shorts is close to the bottom of the wedge so it could be a time to short BTC as the short interest rises to hit the top of the pattern.
All in all I think shorts get rekt, but we will see. GL
