Bitcoin areas to watch

6 Mei 2019

Btc continues its rise after its golden cross. Sorry for all the lines, but I think each of those levels are important areas to watch. Btc pushed through its previous high, and continues its bullish trend . Looks to be working its way to $6000. I like the $6500 area as it is the level of the last high before we broke down below the $6000 area. So far is has pushed up to $5800 which is where some lows were from back in Nov of '17 and March '18, and June of '18. As I have been saying recently as long as Btc is over $5350 the chart continues to stay very bullish. It seems to ty trying to find new support in the $5500-5600 area. Very bullish if this can continue to hold.

Shorts haven't really changed either, so there is still a good chance we could even still see a short squeeze, as shorts have to be in substantial pain with these moves. On top of that funding rates to borrow BTC on bitfinex are hitting 100% annualized. At these rates a 10x short gets liquidated in a month even if BTC doesn't move. So, it is possible a short squeeze could commence as shorts pile on around and just under the 6k area. Then shorts get forced to cover and we see a squeeze as BTC pumps to $6500-7000. Then btc takes a breather and pulls back after the shorts get rekt.