Long

BTC/USD - Massive short squeeze coming - how far can we rally?

Updated

Short positions on Bitfinex are now at all time high (ATH), and comparable to 12 April 2018. What happened then was a massive USD 1,000 short squeeze in just 1 hour, followed by almost a month long rally.

This is now bound to happen again. How far can we rally this time around (late August 2018)? I think we may test the 200-day MA (orange line), or even the 50-week MA (green line)!

I'm massively long BTC.

Note

Very interesting article: coindesk.com/rally-ahead-bitcoin-is-repeating-price-action-seen-in-april/

Note

If - and that is if - we are going to rally from a temporary bottom, it is nice that the rally let's everybody in who wants to be long. Because we have been moving sideways for many days, and we still are range-bound right now.

Note

coindesk.com/bets-against-bitcoins-price-near-record-highs/

Note

Although my trade is working out very well, my post hasn't received any like so far. From a contrarian point of view this is very good news ;-)

EagleView777

It is all Fibonacci.

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