Bitcoin: there might be a better place for your shorts
מעודכן
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.
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Oh come onהערה
To make it clear I'm not long, just watching it for fun. I still hold the shorts since 9Kהערה
fractal hmmmהערה
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On Bitmex previous high almost = 1.272 (= 7050)הערה
previous low*הערה
Bitcoin margin shorters, Mr Soros please do it alreadyהערה
Literally ATHהערה
The question will the move up or down squeeze itהערה
the question is*הערה
Volume is getting lower as wellהערה
divergence on a divergenceהערה
looks organicהערה
This idea is a total failure XDהערה
Ok not a complete failure, but now we have a relatively low volume pump and bearish div:הערה
Shorts squeezing as expectedהערה
The top can be already in or we might continue the pump to 7050 (1.272 retrcement + bbands):הערה
Bear flag/rising broadening wedge target exactly on previous daily low (5920):
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