BTCUSD: Bulls vs. Bears - how convicted are you?
This chart is a simple overlay of BTCUSDSHORTS (Blue) vs. BTCUSDLONGS (Red). It's obvious - since the end of 2017 BTCUSD the overall Bullish/Bearish conviction has changed from bullish to bearish. The lower highs at the bullish side indicating a loss of bullish conviction. On the bearish side, higher lows are showing more and more bearish conviction.
Furthermore, BTCUSD has fallen under 5k USD and there is no V-shaped correction yet, which would indicate a high interest to buy BTC at such a "low" price. Why is there no V-shaped correction? The answer is very simple - more and more trader are NOT convicted of an increased BTCUSD price and more and more trader are convicted of a decreasing BTCUSD price.
This leads me to conclude a further downtrend of BTCUSD price.
Note: This is my first post and feel free to give me feedback or a like. If you disagree, feel free to comment your thoughts. We have all the same goals, and I am very convicted, that we all can learn from each other. :)
Furthermore, BTCUSD has fallen under 5k USD and there is no V-shaped correction yet, which would indicate a high interest to buy BTC at such a "low" price. Why is there no V-shaped correction? The answer is very simple - more and more trader are NOT convicted of an increased BTCUSD price and more and more trader are convicted of a decreasing BTCUSD price.
This leads me to conclude a further downtrend of BTCUSD price.
Note: This is my first post and feel free to give me feedback or a like. If you disagree, feel free to comment your thoughts. We have all the same goals, and I am very convicted, that we all can learn from each other. :)