After the formation of the local uptrend Bitcoin was finally able to settle in the region of $ 4,000. However, a few days later, the cryptocurrency has not been able to get much above the line due to the lack of strong pressure from buyers.
According to the trader under the name Flood, on the asset under threat of significant decline, which is increasing every day. However, if the bulls will still attempt a serious breakthrough above $ 4,300, the owners of short positions on BTC/USD are waiting very hard times.
We will remind, as a smooth advancement to the level of $ 4,000, the amount of short positions on Bitcoin has been steadily increasing. This trend has forced many analysts to draw Parallels between the current sluggish market activity and flat in the autumn of 2018. Financial expert FxPro Alex Kuptsikevich also supported this view.
The lack of dynamics in the auction was a little scary, as it reminds the market in October, after which there was a sharp drop of Bitcoin.
The lack of movement in the market is so boring that any breakthrough bulls will be received with triple enthusiasm. With this massive liquidation of short positions on Bitcoin altcoins also moves up, leading to an enormous increase in capitalisation of the stock market.
Flood believes that players on the decline we need to worry about your trading strategy.
Some people are very clearly protects their shorts in the current trading channel. He would get into trouble if the level of $ 4,300 to be broken.
Someone very clearly defending shorts in this range. Going to get ugly for them if 4300 breaks…$BTC pic.twitter.com/A1XSJ4yjL0
— Flood [BitMEX] (@ThinkingUSD) March 18, 2019
Unfortunately, without major inflow of new money in the capitalization of the coin, it is unlikely to be able to quickly conquer new heights. At the moment Bitcoin is trading at $ 4064. For the past day, the cryptocurrency has not changed its value.
Even more interesting are looking for in our cryptodata.
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