Short Signals Outnumber Longs — More Downside Pressure?
About 80% of today's trade signals on the daily chart are short signals. In other words, 59 out of 74 signals indicate further downside pressure.
The majority of long signals are RSI or Bollinger Band signals. In this case, the asset has hit oversold territories or the lower Bollinger Bands. Although these signals often indicate a reversal, they usually don't play out immediately.
Therefore, the likeliness of some more downside pressure before reversing is high. That also matches with the overall Crypto Market RSI and related observations (Reade here).
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