Based on the dynamics of the ratio of long and short positions on Bitfinex, the trader @filbfilb came to the conclusion that the price of Bitcoin will soon reach the psychological mark of $ 5000.
$ BTC long short analysis Ive been looking at today.
There is a well established 12 month trend going on.
Bitcoin will rally 25-50%.
See chart for details.
This tweet will self destruct in 7 days. ? pic.twitter.com/O3nruTSqLt
– fil₿fil₿ (@filbfilb) 18 March, 2019 r.
According to him, an indicator based on this ratio over the past 12 months allows us to successfully predict the price of the first cryptocurrency.
The graph below shows that the ratio of longs and shorts found "support" at level 1:
Graph of XBT / USD perpetual bitcoin swap BitMEX from TradingView
Consequently, the indicator values may soon return to a ratio of 1.5. Based on historical data, @filbfilb assumes that, against the background of this movement, the price of bitcoin will grow by 25-50% and, therefore, will reach $ 5000.
As an additional confirmation of the upcoming movement, @filbfilb points out a breakdown of the trend line on the Chaikin Money Flow indicator ( CMF ).
CMF also broke out of the trend last week. pic.twitter.com/QDzdnBU64V
– fil₿fil₿ (@filbfilb) 18 March, 2019 r.
According to the trader, the 20-week moving average is currently the main obstacle to the upward movement:
Weekly chart BTC / USD exchange Bitstamp from TradingView
Earlier, CoinDesk analyst Omkar Godboul suggested that the confirmation of the reversal of the long-term trend of Bitcoin prices could be under threat due to the 21-week moving average at $ 4070.
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