Bears still in control, but their hold is getting weaker
Welcome to another attempt to quantify the often times unquantifiable. See my previous post for some context: Bitcoin has yet to prove itself. We continue to be in this cycle of FOMO shorts at support:
.. And FOMO Longs at Resistance:
59% Ratio is not conducive to a big bounce attempt:
Not that it can’t happen, but it would be hard. With low shorts, and already high longs, a bounce attempt will likely see existing longs taking profits/lessening their losses, and shorts seeing an opportunity. Would take a massive amount of spot buying to propel through that. Could happen, but not the path of least resistance IMO. Fear and greed index and especially the polling side of it, do not look great for a move out of the channel:
Sentiment here though, is very low: https://www.crypto-sentiment.com/sentiment Interesting to see a big difference here. I think the latter is a bit more exhaustive polling approach, so maybe give more weight to it.
In my very unscientific analysis of the Reddit/social media sentiment. Most traders seem bearish and investors/hodlers still have a lot of bullishness. Take that however you want.
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