Same pattern repeating, new dogs old tricks.

25 באוג׳ 2018

Whereas the previous failed rallies were only fueled by short squeezes the previous few have been directly caused by them. We can see the same trend repeating again as shorters are again still at all time high levels with what I assume to be short positions trapped underwater as we climbed very slowly to our current level around 6700, I'm watching for the domino effect of people closing positions thats gonna initiate the short squeeze and propel us another rally to around the 7400 area or lower, in any case I don't expect us to break the previous high and I'm fully expecting us to break the previous low and hit around 5500/5600 right after. People say that after 5800 support its straight down but I don't believe in speculation, only logic. <5K Bitcoin isn't as easy as some bears want you to believe but then again don't lose sight of the bigger picture that we ARE still in a bear market and anything is possible.

Whether you believe in shorting Bitcoin or not, I believe in profit and thus my positions will be in place when the time comes.