Bitcoin is going to show short squeeze!
Hello, everyone!
Last time I saw a lot of bearish mood that the Bitcoin is going to reach $10-12k. I suppose that we will not see these levels. $15-17k is the minimal target for this bear market. But the price now is pumping because of there are a lot of short traders, which have to be liquidated before the dump.
Let’s take a look at the 4h timeframe of the BTCUSDT chart on the WhiteBit exchange. The price broke through the strong level to collect the stop losses of short traders. I was surprised that pump was not stopped at $19900, but it’s ok, there were no any trades. Just observe the market. I tried to guess which wave now is happening on the market. Globally I consider wave 5. More locally – wave 3 inside wave 5. Wave 1 of this wave 3 have been already finished. The current boring flat looks like the the wave 2 which is represented as the ABCDE triangle correction. I think this pump can continue a little bit more to 0.618 Fibonacci level. After the I am waiting for the wave 3 inside wave 3 which will be very soon.
Best regards, Ivan
Last time I saw a lot of bearish mood that the Bitcoin is going to reach $10-12k. I suppose that we will not see these levels. $15-17k is the minimal target for this bear market. But the price now is pumping because of there are a lot of short traders, which have to be liquidated before the dump.
Let’s take a look at the 4h timeframe of the BTCUSDT chart on the WhiteBit exchange. The price broke through the strong level to collect the stop losses of short traders. I was surprised that pump was not stopped at $19900, but it’s ok, there were no any trades. Just observe the market. I tried to guess which wave now is happening on the market. Globally I consider wave 5. More locally – wave 3 inside wave 5. Wave 1 of this wave 3 have been already finished. The current boring flat looks like the the wave 2 which is represented as the ABCDE triangle correction. I think this pump can continue a little bit more to 0.618 Fibonacci level. After the I am waiting for the wave 3 inside wave 3 which will be very soon.
Best regards, Ivan
Get access to private PineScript strategies and turn script alerts into orders at your exchange account with easy-to-set up bots
Get free alert bot:
skyrexio.com
Get free alert bot:
skyrexio.com
Related publications
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.