BTC vs. Shorts - Why 6200 could be the bottom
Updated
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
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