This_Guhy

Altcoins Bearish, might fuel BTCUSD Pump

Short
KRAKEN:ETHBTC   Ethereum / Bitcoin
I have had this theory that alt-coins might tank and pump BTCUSD as people are squeezed out of their alt/btc margin positions, and this post will explore that. The post is tagged short for all the alts that are poised for a beatdown.

First things first, ETHBTC, for reasons that shoudn't need to be explained. We have a rising wedge terminating at this trendline and a pathetically weak looking MACD. The RSI is falling while the price action has been roughly flat across the top.

Below is a wider view of the chart with the bitfinex margin positions. There exist an amazing disparity between longs and shorts which could fuel a long squeeze on ETHBTC< which means people are going to be forced to sell ETH and buy BTC, bouying the price of BTCUSD.
Here is XRPBTC, which has been absolutely mauled over the years. Makes no sense that longs would be higher than shorts.
LTCBTC looks to be in a deending triangle, basically jumping on a trap door and longs are still higher than shorts.
EOBTC is potentially in a accending triangle so at least it has a bullish structre to justify longs being over shorts, but triangles are some of the poorest forming structures out there
XLM has been dropping for days and longs still stay abot 10x higher than shorts.
Finally, BTC.D, the bitcoin dominance chart, looks staged for another uptrend, and it is looking quite possible it will be by stealing from the alts.

And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?

~Nathan Explosion
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