- Jun 5, 2008
If history repeats, the big dump will come 24 hours from now. Might happen sooner because of how fast we were rejected in this last move.
Shorts and long fees have switch around multiple times, its not like the longs have been constantly on the fee side of things. In fact most days it flips about once to either side.Still $3550 for days but the dump is expected today.
Something that I've been thinking about though is the Bitmex funding when we've had 2 weeks of mostly sideways. With this long sideways the funding becomes much more important and shorts have been paying longs a fair amount. So people holding shorts for two weeks, waiting for $3300/$3200, are probably getting impatient as they've been paying a lot of funding. Enough to erode much of a the return if they shorted from $3700 and are on high leverage. On the other hand, longs have made a fair bit through funding by just holding so they're more comfortable holding their positions.
Given this, I think we might see a quick bounce after dropping as people close shorts because we might have another week of sideways and they lose more.