BTC: Cautious Long
There is a lot going on with BTC right now, and the only reason I would be hesitant to take any committed long positions is because long ideas outnumber short ideas by 21-9 in the last 24 hours on TV.
Nonetheless, Bitfinex is net short, and BFX net short after a downtrend has been a decent buy signal. Both the regression channel and the 50-day EMA seem to confirm some type of bounce zone. How far it goes is yet to be determined. I would think at least 58k (channel mid point and possible failure). I had to buy a few oversold alts such as Polkadot at $29.
Nonetheless, Bitfinex is net short, and BFX net short after a downtrend has been a decent buy signal. Both the regression channel and the 50-day EMA seem to confirm some type of bounce zone. How far it goes is yet to be determined. I would think at least 58k (channel mid point and possible failure). I had to buy a few oversold alts such as Polkadot at $29.
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