BitcoinLong
What happens after the shorts massacre?
Yes, they title is intentionally provocative and at the time of this writing it is not yet clear what happens, we have fallen a bit from recent tops, it is now around $518 on Bistamp and 3180 on Huobi. But I do think, that now that players controlling tens of thousands of btc forced liquidation of almost 14 million worth of btc long, they would go after the shorts. The shorts are now at around 6.3 thousand, down from slight above 8k, but some are ripe for harvesting, already deep in red as they were taken below $500. Not that much buying power should be required to margin call some of them and persuade many others to close voluntarily while they still can.
In the next couple of weeks, I see vigorous move up with few retraces. We maybe moving inside a triangle (shown above) then crucial crossroads will be around $560 and they will be more likely resolved up.
Disclaimers: 1) Arrows are completely arbitrary, to indicate usual zigzagging. In particular arrows in price and RSI do not match for that reasons.
2) This analysis is not based on any (advanced) TA, but on intuition informed by trading experience
In the next couple of weeks, I see vigorous move up with few retraces. We maybe moving inside a triangle (shown above) then crucial crossroads will be around $560 and they will be more likely resolved up.
Disclaimers: 1) Arrows are completely arbitrary, to indicate usual zigzagging. In particular arrows in price and RSI do not match for that reasons.
2) This analysis is not based on any (advanced) TA, but on intuition informed by trading experience
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