Sentiment-wise, the fact that the longs haven't really budged much may indicate that they are the strong hands in this case.
Strong hands = profitable traders, experienced chart readers, well-capitalized, logical, non-emotional
Weak hands = newb traders, gamblers, simple indicator-based analysis, panicky, easy to shake out
That's a biggie.
Good traders are good because they know how to manage risk. They won't risk 100% or their account on a margin trade. 50% is max, so if you have 10btc in your trading account you risk 5. That's a 15btc position if you're on 3:1.