Bitcoin / TetherUSUpdated BTC vs. Shorts - Why 6200 could be the bottom
What do we see on the BTC chart:
- RSI = low
- Stoch RSI = low
If you look at the shorts:
- Going rapidly up
- RSI = extremely overbought
- Stoch RSI = same story
- Bearish Divergences
So:
- Given the BTC indicators we do have space for another sharp drop like we've seen these past days. My guess is towards 6000/6200 range.
- Shorts indicators saying that shorts will get rekt anytime soon, so another drop on btc will trigger a massive drop on the shorts
- Looking at the past months a drop of the shorts after a massive increase will trigger a 15/24 days upwards movement for BTC.
Also:
- Most alts have big bull divergences and have to make a move sooner than later
- A lot of people are predicting a 2/3K BTC, so thats the moment when you think reversed
- RSI = low
- Stoch RSI = low
If you look at the shorts:
- Going rapidly up
- RSI = extremely overbought
- Stoch RSI = same story
- Bearish Divergences
So:
- Given the BTC indicators we do have space for another sharp drop like we've seen these past days. My guess is towards 6000/6200 range.
- Shorts indicators saying that shorts will get rekt anytime soon, so another drop on btc will trigger a massive drop on the shorts
- Looking at the past months a drop of the shorts after a massive increase will trigger a 15/24 days upwards movement for BTC.
Also:
- Most alts have big bull divergences and have to make a move sooner than later
- A lot of people are predicting a 2/3K BTC, so thats the moment when you think reversed
Note
*If 6200 doesn't hold, I see the next bottom area to be 5500
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.
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.