Bitcoin Price Forecast
Bitcoin. Now, in the range of 9300 USD - 9350 USD market makers are buying bitcoins. But the volumes are small - support for liquidity.
Now it shows the buyer's weakness on purpose. Two factors against the growth at the moment –
The expiration of futures on CME 28.02 and a major player who needs a price below 10000 USD and the lower the better. But this is half the trouble.
2nd factor is the presence of huge long positions. We grew well in 72% of cases when the shorts on Bitmex outweighed the long positions (as a reference point for self-observation). Now the priority is long position. The overweight of the short position on Bitmex is a good indicator for starting up (regardless of the long position on Bitfinex)
Now, according to the charts, we can see a good picture of continued fall. However, the longs are not reducing at the required pace. But perhaps most are not so dynamic and during the day there will be a predominance of the short position and one plus to the continued growth.
As a result, they will keep the price at this level and more people will open the shorts.
If the situation on longs will not change during the day, we should wait for more abrupt movements on the openings of longs, and the price will go to 8500 USD. But in this case, there is also a big difficulty for a quick return back, so while the squeeze is not done. There is a soft opening in short positions.
At the time of the analysis, the MM is interested in buying small volumes up to 9260. Safety (insurance) blocks 9200 USD - 9250 USD.
Stop: 9090 USD. From this point, the squeeze is accurate to 8500 USD.
MM and major players held the 1st phase of fixation at 10300 USD - 10450 USD, but the main volumes have not been fixed yet, so I expect the upward movement to continue in the coming days, the latest at the beginning of March.
Author name: Albert Galeev
Quickex.io partner writes