BTC Starts Downside Correction Below $46K | Crypto Craft

  • BTC Starts Downside Correction Below $46K

    From livebitcoinnews.com

    Bitcoin price extended its increase above the $45,000 resistance level. BTC even broke the $47,000 resistance level to move further into a bullish zone. However, the price failed to surpass the $48,000 resistance. A high was formed near $48,115 before the price started a downside correction. There was a break below the $47,000 and $46,000 levels. There was also a break below a key bullish trend line with support near $45,600 on the 4-hours chart of the BTC/USD pair. The pair traded below the 23.6% % Fib retracement level of the upward move from the $37,334 swing low to $48,115 high. It is now trading below $46,000 ... (full story)

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TwoSense
Aug 18, 2021 8:27am
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It's due for a correction. The latest CFTC COT report shows institutions are 44% long vs 56% short BTC futures, while retail traders might be lagging behind at 63% long and 37% short. Remember one contract = 5 bitcoins.

The stat that sticks out the most though is since the previous COT, retail traders have gone from 88% long/12% short to the 63%/37% previously mentioned. It could've been some profit taking from both commercial and non-commercial traders but overall the sentiment is shifting as far as CME futures go.

In total, it's 45% net long vs 55% net short in BTC futures.


There's a little more volume in the CME micro bitcoin futures contract (MBT) which is 1/10 of a bitcoin, but it tells the same story on the institutional side. 44% of institutions are positioned long and 56% short.

As for retail traders, there are currently no short positions and 181 long contracts (down from 575 from the week prior).

There's very light volume in both contracts fwiw.
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