CentralCrypto
BTC Kisses 30K again. Must we get Hyped?
Here we go for an on-chain look of this PUMP. In this chart we see the yellow line showing the amount of SHORTs on exchanges rising 123% and reaching 43.2Mi dol. and we see the light blue line showing that the amount of LONGs is decreasing by 30% indicating that the investors are closing his positions voluntarily. In other words even with the Pump, the market is not opening more longs. We also see by the purple line which is the Leveraged Ratio that it is also decreasing. A sign of disinterest by the market, where investors would be more concerned with making profits than looking for more. This is corroborated by the orange line that is the BTC SOPR that is floating close to 1 without much variation, indicating that the market is preferring to take profits as soon as possible. But what delivers the biggest counterpoint to all the Bullish Hype at the moment is the net movement of exchanges: both Inflow and Outflow are decreasing (red lines) indicating that investors are withdrawing and are not returning to deposit these assets. Putting all the facts together (that leverages are decreasing, that LONGs are decreasing even with the Pump, that profit taking is constant and inflow/outflow is negative) we can assume that today's movement may indeed be a SHORTSQUEEZE and that investors they are saving themselves for the indecisive moments that are yet to come. On the daily chart, looking at the long term, this movement may be decisive for a clearer, more concise and definitive trend reversal indication. On this chart, two red arrows were drawn indicating resistance and support tests at the SMA200 and SMA233 averages. Notice how, when rejected at this average in ABR/22, the price plummeted and after the retest on it as support, the price is recovering. This reading could be the watershed and a confirmation that this average may not be retested is a very bullish sign.