Whale closed 300.000 Long positions on Bitfinex😱
Let's find out WHY this is important and WHAT it could mean for the market 👇
#Bitcoin #Ethereum #Crypto #Bitfinex #Futures
Let's find out WHY this is important and WHAT it could mean for the market 👇
#Bitcoin #Ethereum #Crypto #Bitfinex #Futures
ETHUSDLONGS, a chart on tradingview which displays the total amount of open Long positions on Ethereum at Bitfinex. This metric has a major change in the recent data which is very important to be aware off.
The amount of ETHUSD Longs has been reduced with ± 300.000 (!!). That is a massive change on it's own, but it becomes more important when we take a look at historical data.
Let's give an overview 👇
July '21: Top was formed directly after closing. A pullback of 24% took place.
Nov '21: Top formed immediately. Price pulled back 50%.
March '22: 18 days before local top. Afterwards a 71% pullback happend.
July '21: Top was formed directly after closing. A pullback of 24% took place.
Nov '21: Top formed immediately. Price pulled back 50%.
March '22: 18 days before local top. Afterwards a 71% pullback happend.
Aug'22: 6 days so far. Will it mark a (local) top again?
Only time can give an answer to that question, but from a historical perspective, I am (and remain) conservative.
Only time can give an answer to that question, but from a historical perspective, I am (and remain) conservative.
Want to read more analysis on the cryptomarket?
Make sure to follow my account @JA_Maartun. Thanks 💪
Make sure to follow my account @JA_Maartun. Thanks 💪
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