BTC Bulls running out of steam...

BTC Price has failed 3 times now at the W200ema. With the last lackluster attempt apparently running on fumes.

We are getting very near to a major downtrend line and, as I'm seeing no real fundamental changes in Bitcoin, I would imagine the Bears will return again soon, taking the rest of the market down with it.

I am also watching the BTC Longs vs Shorts. Although there are still slightly more longs, they have just about evened out at this point, where previously the longs were 2-1 over the shorts. If we see another move down I expect we will see the shorts outnumbering the longs and I will see that as a good indicator that the bottom is in and we have truly reached the level of despair in this market.

Volume has been declining over the last few months so we will likely see a volume spike to drive the next move up or down. I mostly expect down, BUT a good volume spike and a weekly close above the W200ema and the green trendline, will place me firmly into the BULL camp.

Happy trading.