Bitcoin Longs Near All-Time High, TD9 Reaches Sell Signal

As reported by NewsBTC, “Long positions taken on Bitcoin on the popular crypto exchange Bifinex are nearing an all-time high, all while the leading cryptocurrency by market cap continues to fall.

“It could suggest that a very large whale is taking a massive position in Bitcoin ahead of the upcoming halving, in preparation for a rally and bull market. Is a market maker ready to move the price of Bitcoin higher and set a bottom? What does past data suggest?

“Crypto analysts take into consideration every possible piece of data they can get their hands on, and often look at volume, open interest, volatility, and other metrics in addition to review price patterns. Another metric often used, is the balance of long versus short positions taken in Bitcoin across a number of cryptocurrency exchanges…

“…One of those key metrics has reached a level that’s just about on par with its all-time high, reaching 38,800 BTC worth of long positions – or roughly $280 million at today’s Bitcoin price.

“Speculation points to the positions being taken by a massive whale on Bitfinex, who is preparing for Bitcoin to set a local bottom, and begin a new early 2020 rally leading into Bitcoin’s halving event…”