Bitcoin broke above its descending trend line, which forced the shorts to close their positions. Given that most traders are using 25-75x leverage, this caused a significant short squeeze.
I think this squeeze is petering out, it caught my attention that there was significant selling once resistance was met, so I think bulls are cautious.
We should retrace to 45.5k and from there the market weakness should resume.
This is my general idea, not trading BTC presently, as I'm shorting Ada.
I think this squeeze is petering out, it caught my attention that there was significant selling once resistance was met, so I think bulls are cautious.
We should retrace to 45.5k and from there the market weakness should resume.
This is my general idea, not trading BTC presently, as I'm shorting Ada.
Note
BTC tried to tag 50 just there, this is a no trade zone: Big chance of trapsNote
Before 48k the squeeze looked quite natural, but since then it got ugly with nasty traps for traders.Note
So I see everything above 48k as one big trap, and there's a good chance of a sharp drop once one whale dumps.
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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.