Over the past two months several traders who opened short positions on Bitcoin during its historic high, recently started to get out of their shorts in the range from 3000 to 4000 dollars. For example, today trader under the name Cryptofungus stated that it had closed its short position after a little over a year after its opening.
Cryptofungus tore quite a good sum of shorts were opened at a market price of Bitcoin at 19 665 dollars. Right now, cryptocurrency is valued at only $ 3638.
A reversal soon
Earlier, former economist at the International monetary Fund, mark Dow also closed one of the most lucrative deals in his life. DOE successfully managed to short Bitcoin when the bitcoin was at the peak of its value.
The longest bear trend in history the market often surprises traders. In February 2018, the Bitcoin price rebounded from the support zone of 5920 dollars and increased almost two times to the level of 11 $ 780. Note that February is traditionally considered the most “green” month in the auction of the crypt.
Despite the positive indications from technical indicators, traders like Dow and Cryptofungus do not hurry to play on the rise. Now they have recorded their profit and continue to monitor the market. Being careful, because Bitcoin still has a chance to fall below a key support level.
This Civic also sure CEO Vinny Lingham. We will remind, earlier he declared that if the Bitcoin will fall below $ 3,000, the current “Kriptonika” can turn into nuclear.
However, even in this case, the current market price of cryptocurrencies is quite a good area for taking profits, after which we have a long period of accumulation.
The post Traders massively close their short positions on Bitcoin: the Decline has stopped? appeared first on FineCrypto.