#BTC UPDATE [April, 3rd]
Updated
BTC UPDATE
After the shorts squeeze
BTC keeps huddling to 7k resistance. The reason is probably whales positions distribution. Orderbook supports are $6720 and $6670, there's actually no obvious resistance sizes above, so be ready for another leg up.
There are much more buys than sells in the recent hours, Open Interest is rising up. This may be a reason for longs squeeze.
There's no arrows today, can't be really sure in any direction.
After the shorts squeeze
BTC keeps huddling to 7k resistance. The reason is probably whales positions distribution. Orderbook supports are $6720 and $6670, there's actually no obvious resistance sizes above, so be ready for another leg up.There are much more buys than sells in the recent hours, Open Interest is rising up. This may be a reason for longs squeeze.
There's no arrows today, can't be really sure in any direction.
Note
I can see three major options for BTC here:1. Dump right now. Logical after multiple positive retests and shorts squeeze.
2. Distribution above 7k, but below the channel resistance. The point is to let the crowd rush in longs and then ride it down hard.
3. Just pump the hell out of it. This is not logical in any way, technical or fundamental, the only bullish thing I managed to find is closing above EMA400 (it has been quite good indicator for a while).
The situation looks really awkward for me right now. I really want to open a heavy short here and all the way up to $7130. However, I just don't see bears, I don't see any big sells or other signs. There's also American session opening in an hour and I don't want my plans screwed by stocks market moves.
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