Hey guys
Bears getting screwed ;
Its been a wild few days watching BTC and ETH squeeze the bears. – NOT organic spot buying. If anything we have seen an offload of spot into this strength so far…
We had Netflix ER’s yesterday after hours – The ER’s weren’t great but not as bad as forecasted so the market liked the print and subsequently Netflix is up like 7/9%.
Open interest / shorts on BTC – We had the squeeze on ETH, now time to see how long the squeeze can last on BTC…
Looking at ETH this process has already happened – OI wen to record levels at resistance, we squeezed… now OI has come back down so I’m reasonably confident we have seen the top in ETH, the only thing that can drive this higher from here is BTC… and if BTC can’t continue the squeeze then back down we go.