Where is Bitcoin going? Creeping upwards/low open interest
A lot of uncertainty around the forums. I've witnessed this a few times, including previously when we were at 220 for a few month. Sentiment were similar, low open interest, low usd/btc swap numbers.
The truth is that people are too damn scared to go back in for a long. Leveraged longs have been burned multiple times between the 300-200 range. I've traded since 215 and 225 and those trades were definitely the most controversial compared to others.
I expect the market to continue to creep up to around 250 or so. The market sentiment will be divided so we will see some super choppy actions. We've overshot above 300 and now we've undershot below 200, the equilibrium is around 250. Here is the longer term daily channel I am talking about.