BTC - The wrong place to go LONG!

The white arrows represent the lowest points or close to low points for BTCUSDSHORTS in Bitfinex and as per the last 11 instances in the last few months, anybody going LONG there will be a bad trade. The shorts are once again close to the bottom, so I believe there is a higher chance of the price dropping

This chart shows the BTCUSDSHORTS and I marked the 11 bottom points since May'18 with red thumbs-down image in the blue zones

We are also tracking the chart where the price is still in a downward channel and one more wave to go down as per EW (click image for details)

Note

Uh oh! Shorts reaching our unsafe zone

Longs are dropping (taking profits and closing) quickly

This time the first level shorts did not cause a drop in price, happened once or twice before. I still maintain skepticism as we are going into the bottom blue zone.

Take Care. Play Safe

imkeshav

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