Here we see that btcusdlongs/btcusdshorts gets a huge spike upwards while bitcoin itself is going down.
Similar to , this is a classic divergence that shows that people don't feel safe holding shorts any longer and/or want to go long and catch the bottom.
With a btc/usd overlay it's very easy to see how during previous btc bottoms, btcusdlongs/shorts gets a huge spike and soon after btc/usd rebounds as well.
Another tool i like to use is the cm williams vix fix that finds market bottoms by itself, just make sure to use it on multiple larger time frames to confirm the absolute bottom.
either way, bitcoin should decline further after the futures settle in my opinion.
the light blue lines are the bollinger bands, they're like a volatility channel, i find them very useful
next, the thin brown line between the bollinger bands is a moving average for these bollinger bands
the thick green line is the 60 'double exponential moving average' or DEMA, just another longer-term moving average
the green and red candles represent the value of btcusdlongs/btcusdshorts - if you're not quite sure what this is then check out btcusdlongs and btcusdshorts separately- this is just dividing one by the other to show which one is dominant; if this chart's candles go up that means btcusdlongs are gaining dominance and if it goes down that mean btcusdshorts are gaining dominance
then on the bottom we have the RSI indicator which shows the 'strength' of the chart, generally people use this for divergence, overbought/oversold levels, or to look where RSI hits key support levels like 50
on the very bottom, the green columns are the CM_Williams_Vix_Fix indicator which help find bottoms in the chart, the bigger the column the more likely it's gonna bottom and bounce.
Hope that helps!