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.
Uwaga
Oh come onUwaga
To make it clear I'm not long, just watching it for fun. I still hold the shorts since 9KUwaga
fractal hmmmUwaga
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On Bitmex previous high almost = 1.272 (= 7050)Uwaga
previous low*Uwaga
Bitcoin margin shorters, Mr Soros please do it alreadyUwaga
Literally ATHUwaga
The question will the move up or down squeeze itUwaga
the question is*Uwaga
Volume is getting lower as wellUwaga
divergence on a divergenceUwaga
looks organicUwaga
This idea is a total failure XDUwaga
Ok not a complete failure, but now we have a relatively low volume pump and bearish div:Uwaga
Shorts squeezing as expectedUwaga
The top can be already in or we might continue the pump to 7050 (1.272 retrcement + bbands):Uwaga
Bear flag/rising broadening wedge target exactly on previous daily low (5920):
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