BTCDOWN/USDT : BTC's possible drop | read the caption

16 mai 2021

BINANCE:BTCDOWNUSDT
Hello everyone 😃

BTCDOWN is now currently moving into a descending triangle.
Based on 5th rule attempt breakout, BTCDOWN has been rejected for 4 times now.
It means that next attempt is really important and it could cause a breakout on triangle's higher line.
I'm predicting that there will be another leg up for BTC and we may see the dip on next weekend ! ( sooner or later )
Now there are 3 reasons except BTCDOWN chart that makes BTC more bearish on my side !

1️⃣ Bitcoin Balances on Exchanges
2️⃣ Exchange BTC Futures Open Interest
3️⃣ BTC Long-Short Ratio


1️⃣ Bitcoin Balances on Exchanges
BTC's balances on exchanges is increasing day by day, And so; We had +60,627 BTC's balances on exchanges in last 7 days and +7,486 BTC's in last 24Hrs.
As I mentioned before on my last posts about BTC; Market maker will wait for a valuable supply to cause a drop on BTC.
And according to BTC's historical drops DATA; All drops happened after 7 days (averaged) of huge inflows on exchanges.
So we have the Inflow in past days but there is a problem on Futures open interest, According to the chart of Exchange BTC Futures Open Interest; Open interests has decreased about 13% and this makes market makers to wait for a better supply zone.


2️⃣ Exchange BTC Futures Open Interest
BTC's open interest has been dropped for 13% in past 6 days, This is happened when we have more inflows in exchanges, Means that low volume traders are waiting for a confirmation on chart.
However most of the price level drop is caused by BTC's recent dive !
But there is still a space that need to fill by weak hands.
According to this chart, On last 2 days we saw another minor dive on BTC's chart, But interest has been increased for 3% !
It mentions that many of people are considering current drop as a last dive on BTC. This data has been confirmed by BTC's Long-Short Ratio chart ( 0.5% recovery on Longs in past 3 days ).
📌 Remember that many of short positions are created by Asset managers.


3️⃣ BTC Long-Short Ratio
According to today's LONG/SHORT Ratio chart, positions are neutral bullish but the size of positions is neutral bearish !
It means that low volume traders believed that BTC won't go lower ( at-least for now ) but Institutional considered that BTC have more space to drop before any 2nd leg up.
Now that's my thought, Market makers will let the market to have a correction and reach above 52K again; After that we might see more winning on position size and it would flip into a neutral bullish.
Actually I'm predicting a strategy by the last repetition on May .04...
We had current rates on May .04; Also we have similar inflows to exchanges !
Market makers will make this opportunity for positions size to grow again, Then after a fake out on MA 100 it will drop more...
🔰 Based on given data, This is the most possible direction for BTC :


📌 Key words :
- Whales are depositing their assets into exchanges
- Asset managers are more bearish than bullish
- Positions are neutral bullish but positions size is neutral bearish
- BTCDOWN had 4 rejected attempts to break descending triangle's higher line; So based on 5th rule breakout, We may see the breakout on next attempt


🔴 Remember that, All of the given information are provided by Helical_Trades and we are still predicting on our last idea about BTC :

📌 Also there is a high chance for bears to lead the pair to lower levels from current rate if any daily candle closed below 46K.

Hope you enjoyed our analysis about Sentiment view on BTCDOWN's possible directions🙌
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Attention: this isn't financial advice we are just trying to help people on their own vision.

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Helical_Trades