Hello Patrons and guests! On this episode of the podcast, we dive into my thoughts on Bitcoin (BTC) and why I remain short even though I've sustained losses. Here's a bullet list for the readers: 1. The large move up was pure short squeeze.
2. Too much whipsaw and consolidation following the pump.
3. A simultaneous increase of 8% in short positions on Bitfinex and 2% fewer Long positions.
4. Each time price wants to drop lower, it gets pumped back up just enough to get in a higher liquidity area, which reels like artificial timing to me.
5. There's now a greater risk/reward ratio for big players on the short side following the short squeeze, not the long side.
6. The higher and longer we remain up around $8200-8100 the more lucrative a short position becomes for big players - who need time in consolidation to start accumulating short sell contracts (we've discussed this sort of thing before).
7. A distinct lack of volume following the short squeeze.
CORRECTION:
There ARE more long positions, just 2% more, (I drew the box wrong).
You make a lot of good points. If it feels like a bull trap and looks like a bull trap my guess is its a bull trap lol.
Wael613
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Great! I honestly totally agree with you.
We have so many people who think we have entered a BULL market after a few green days. Seems super artificial. Also news with Soros, Rothschild's, governments and more entering the crypto market seems like they are pumping this to drive it down as cheap as possible.
Once they accumulate at the bottom we will start moving up.