BitcoinShort
As predicted, BTC tested the 50MA. Now what?
BTC is now currently retesting both 50MA (yellow line) and the 21 MA. Will it retest again? Most likely, in my opinion.
Both the bearish divergence, and the rising wedge breakout might signify a collapse of [over]leveraged longs and very few shorts to soften the fall.
There is currently approximately 1.75 trillion (1'750'000'000) USD (~85%) in longs and 350'000'000 USD (~15%) in shorts. I can see the cascade of liquidated longs miles away.
Adding to my previously accurate and more complete analysis, I think we're still in bearish territory.
If we break down the 50 MA then the next target would be the 0.5 fib, which matches a previous support/resistance line. Around 43k $
Both the bearish divergence, and the rising wedge breakout might signify a collapse of [over]leveraged longs and very few shorts to soften the fall.
There is currently approximately 1.75 trillion (1'750'000'000) USD (~85%) in longs and 350'000'000 USD (~15%) in shorts. I can see the cascade of liquidated longs miles away.
Adding to my previously accurate and more complete analysis, I think we're still in bearish territory.
If we break down the 50 MA then the next target would be the 0.5 fib, which matches a previous support/resistance line. Around 43k $
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