BTC - CME COT report shows institutional shorts piling
The latest CME COT report shows that institutional and leveraged funds are shorting, whereas retail traders are more neutral.
The last time this happened, BTC corrected down 12%.
It is likely that BTC will reach 53-54k in the next few days, even from a technical perspective. Best to tread carefully until this level is reached. Then I expect institutional short positions to unwind, which should bring the price up organically.
The last time this happened, BTC corrected down 12%.
It is likely that BTC will reach 53-54k in the next few days, even from a technical perspective. Best to tread carefully until this level is reached. Then I expect institutional short positions to unwind, which should bring the price up organically.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.