Bitcoinשורט
BTC Reversal??
BTC looks heavy:
1) Shorts closed off from ATH, yet we didn't get a proportionate squeeze - This shows tons of selling pressure still holding price down.
2) Due to being in a secular bear trend shaking off the last off the capitulators likely too many sellers still.
3) Tax season ends 31 December for USA - Due to tax harvesting and so many traders losing so much this year, many tax advisors will be telling their clients to sell their crypto to pay their tax.
4) We're at a key resistance
To confirm a reversal impulsive move: we'd need to produce:
1) Tons of volume
2) Increasing size candles
to smash through this resistance.
Stoch weekly has crossed up which is bullish.
Tax year date:
irs.gov/businesses/small-businesses-self-employed/tax-years
1) Shorts closed off from ATH, yet we didn't get a proportionate squeeze - This shows tons of selling pressure still holding price down.
2) Due to being in a secular bear trend shaking off the last off the capitulators likely too many sellers still.
3) Tax season ends 31 December for USA - Due to tax harvesting and so many traders losing so much this year, many tax advisors will be telling their clients to sell their crypto to pay their tax.
4) We're at a key resistance
To confirm a reversal impulsive move: we'd need to produce:
1) Tons of volume
2) Increasing size candles
to smash through this resistance.
Stoch weekly has crossed up which is bullish.
Tax year date:
irs.gov/businesses/small-businesses-self-employed/tax-years
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