Bitcoin: there might be a better place for your shorts
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It's illogical, but as bitcoin keeps dropping people seem to be adding up to their short positions:
This parabolic rises in shorts are often followed by squeezes and painful liquidations of overleveraged traders. Now you can see that the environment is suitable for this as we have clean bullish divergences on major indicators and the price has just landed on a support (previous bottom). Of course the impulsive move down can invalidate them, but i think this is unlikely. If you're looking to short, I'd be more careful now. My longer term view hasn't changed, but the retrace to some higher level close to 7k is reasonable.
This parabolic rises in shorts are often followed by squeezes and painful liquidations of overleveraged traders. Now you can see that the environment is suitable for this as we have clean bullish divergences on major indicators and the price has just landed on a support (previous bottom). Of course the impulsive move down can invalidate them, but i think this is unlikely. If you're looking to short, I'd be more careful now. My longer term view hasn't changed, but the retrace to some higher level close to 7k is reasonable.
Ghi chú
Oh come onGhi chú
To make it clear I'm not long, just watching it for fun. I still hold the shorts since 9KGhi chú
fractal hmmmGhi chú
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On Bitmex previous high almost = 1.272 (= 7050)Ghi chú
previous low*Ghi chú
Bitcoin margin shorters, Mr Soros please do it alreadyGhi chú
Literally ATHGhi chú
The question will the move up or down squeeze itGhi chú
the question is*Ghi chú
Volume is getting lower as wellGhi chú
divergence on a divergenceGhi chú
looks organicGhi chú
This idea is a total failure XDGhi chú
Ok not a complete failure, but now we have a relatively low volume pump and bearish div:Ghi chú
Shorts squeezing as expectedGhi chú
The top can be already in or we might continue the pump to 7050 (1.272 retrcement + bbands):Ghi chú
Bear flag/rising broadening wedge target exactly on previous daily low (5920):
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