Market Sentiment
This section is based on internal (anonymized) Whaleclub trading data and is published exclusively on BNC.
Current Active Long vs Short Volume Ratio: 0.82:1
Average Active Long vs Short Volume Ratio: 1.9:1
We have a 20% excess in active short volume relative to the average. The average weighted short entry price is $417.7, which is much lower than the current market price - this means that on average, active shorts are very much underwater. This is a significant revelation: these underwater shorts can help fuel a strong short squeeze and propel price upwards.
Sentiment is bullish like last week - but the underlying data has evolved. Large amounts of longs have closed as they banked on Sunday’s $10 price pump. If price breaks up above the key $435 trendline, which has held strong, and bears keep expecting a price dump and opening short positions, then we may see a broader short squeeze.
http://bravenewcoin.com/news/bitcoin-price-analysis-bullish-momentum-at-last/