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Bitcoin Price Analysis Oct.3: BitFinex Short Positions Are At 10-Day High

A quick update, following yesterday’s price analysis: Bitcoin is getting further from extracting the bullish triangle. The bear scenario is looking more and more realistic as Bitcoin broke the 50/200 moving averages tight range, and found support around $6400 (as of writing this update).

Now what?

  • Sellers’ trading volume is getting higher and is also higher than the buyers’ volume. This indicates on money going out over the past day.
  • A bullish triangle is still an option, in case of not breaking down the support level at $6400, along with the ascending trend-line. From the optimistic side, Bitcoin will now be facing the 50 days moving average support-turned-resistance at $6550 and the 200 days at $6600.
  • The more likely scenario, as of writing these lines, is a re-test of $6300. Breaking it down might send Bitcoin to $6100 area.
  • RSI levels are at their low levels, and Stochastic RSI indicator had crossed up. This may support a correction up in the next few hours.
  • Bitcoin short positions on BitFinex had grown up significantly over the past hours, and are reaching their highest number over the past 10 days. Do they know something?
BitFinex Short Positions – Oct.3

Bitcoin Prices: BTC/USD BitFinex 4 Hours chart

BTC Oct3Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

References

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