🚨Primed for a Massive Move🚨
The current price of $BTC is $6377, which is nearly 9% above the $5860 local low printed on the 13th. 24 hr volume is leveling around 4.52 billion.
We feel the next 24 hours will showcase 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 been on a parabolic rise over the course of the past 12 days. The long to short ratio on Bitfinex is currently 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.
In addition, there is a hidden buy wall currently operating on Bitfinex’s exchange with excess of 10k $BTC. There have been almost twice as many sells in the past 16 hours as buys which is traditionally bearish but we have to wonder if this whale is accumulating before a move upwards.
Finally, futures expiration is occurring today, August 15th at 4pm, traditionally this has caused positive price action after their expiration.
A volatile move should be incoming, our team will be vigilantly watching over the course of the day but our overall inclination is that a move upwards is likely before any continued downside. Expect resistance around 6800 and 7200.