Today Is A Good Day To Keep Shorting Most Major Crypto Markets

Today Is A Good Day To Keep Shorting Most Major Crypto Markets

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With all of this uneasy cryptocurrency market momentum, it can not make sense of it all. Derivatives and options traders can easily express their preference by longing or shorting positions. Bitcoin has some outspoken “direction” in this regard, but altcoins are a bit different. 

Shorting Bitcoin and Ethereum is Viable

With the way these markets are going, it is not hard to see why taders want to short both Bitcoin and Ethereum. The top two crypto markets are incredibly volatile and show no signs of finding stable ground. As such, there is a clear favorite toward shorting Ethereum on Huobi Swaps, Huobi Futures, and Binance Swaps. Unlike Bitcoin, ETH has not been able to set a new all-time high during the bull market. 

For Bitcoin, the momentum is a bit different. Traders on Huobi Swaps and Huobi Futures remain short by a landslide, yet Binance Swaps traders maintain a ratio of 56% long – 44% short. This may be a sign of things to come, although Bitcoin is not performing too well, despite clawing back from $30,500. 

Keep Shorting Major Altcoins

For alternative markets, things are always a bit different. Unsurprisingly, there isn’t much interest in longing XRP, Bitcoin Cash, EOS, Tron, Bitcoin SV, Zcash, or Litecoin. While Litecoin has seen a very bullish run, it slowed down even before the Bitcoin price began retracing. No immediate market momentum should be expected for these assets. A golden opportunity to keep shorting most altcoins.

Source: Viewbase

Two exceptions are worth paying attention to. Both Chainlink and Cardano appear to leave traders divided. On Huobi Swaps, traders maintain 48.9% long positions and 51.1% shorts. This is very different from Binance Swaps, where 59.1% of the momentum consists of shorts. It is possible LINK will show some unexpected momentum in the days ahead.

Cardano is in a somewhat similar position. Huobi Swaps traders maintain 50.7% short positions versus 49.3% long positions. On Binance Swaps, the balance is 56.7% short – 43.3% long. Neither market seems to favor one or the other, albeit a further price decline remains a likely outcome. 

It appears there is more bearish pressure ahead for all cryptocurrency markets. Traders hoping for an alt season will be disappointed, as none of the above markets can perform well. If and when the momentum turns around, remains challenging to predict. For now, shorting most top markets remain the most viable approach. 

The post Today Is A Good Day To Keep Shorting Most Major Crypto Markets appeared first on CryptoMode.

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