Popular Crypto Trader Calls Current Longs/Shorts Movement Concerning, Mass Exodus of Shorts
Bitcoin (BTC) and other digital assets seem to be trading slightly downwards during the last few days. Back on February 8, the most popular digital asset was traded around $3,400 but it reached $3,695 on February 9. Since that moment, Bitcoin has been slightly falling reaching $3,621 a few hours ago.
Since February 9, Bitcoin has been traded very stable. The virtual currency has been operating in a range between $3,620 and $3,680 without large price swings. The market has experienced a similar period of stability between August and November 2018. At that time, Bitcoin was traded between $6,200 and $8,200.
Other digital currencies have also been slightly falling in the last few days. However, today, February 15, most of the virtual currencies among the top 10 are operating positively. The largest increases have been registered by Binance Coin (BNB) followed by Stellar (XLM) and Tron (TRX). They have registered 7.26%, 6.67%, and 4.35% growth respectively.
At the same time, short positions against Bitcoin are also falling. According to the popular cryptocurrency analyst and trader on Twitter, Lucid TA, the current movement in longs7shorts is concerning. There is a mass exodus from short positions and long continue to climb.
— Lucid TA (@Lucid_TA) February 14, 2019
Apparently, many traders in the market see short and long positions as contrarian indicators. This could mean that Bitcoin could experience a new drop soon. Additionally, that trading analyst Chonis Trading mentioned that Bitcoin has strong resistance at its 50day moving average that is currently around $3,630.
At the time of writing this article, Bitcoin is growing 0.68% and it has a market capitalization of $63.84 billion. Currently, each Bitcoin can be purchased for $3,639.