Bitcoin: there might be a better place for your shorts
Updated
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.
Note
Oh come onNote
To make it clear I'm not long, just watching it for fun. I still hold the shorts since 9KNote
fractal hmmmNote
Note
Note
On Bitmex previous high almost = 1.272 (= 7050)Note
previous low*Note
Bitcoin margin shorters, Mr Soros please do it alreadyNote
Literally ATHNote
The question will the move up or down squeeze itNote
the question is*Note
Volume is getting lower as wellNote
divergence on a divergenceNote
looks organicNote
This idea is a total failure XDNote
Ok not a complete failure, but now we have a relatively low volume pump and bearish div:Note
Shorts squeezing as expectedNote
The top can be already in or we might continue the pump to 7050 (1.272 retrcement + bbands):Note
Bear flag/rising broadening wedge target exactly on previous daily low (5920):
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.