Bitcoin: there might be a better place for your shorts
Diupdate
It's illogical, but as bitcoin keeps dropping people seem to be adding up to their short positions:
This parabolic rises in shorts are often followed by squeezes and painful liquidations of overleveraged traders. Now you can see that the environment is suitable for this as we have clean bullish divergences on major indicators and the price has just landed on a support (previous bottom). Of course the impulsive move down can invalidate them, but i think this is unlikely. If you're looking to short, I'd be more careful now. My longer term view hasn't changed, but the retrace to some higher level close to 7k is reasonable.
This parabolic rises in shorts are often followed by squeezes and painful liquidations of overleveraged traders. Now you can see that the environment is suitable for this as we have clean bullish divergences on major indicators and the price has just landed on a support (previous bottom). Of course the impulsive move down can invalidate them, but i think this is unlikely. If you're looking to short, I'd be more careful now. My longer term view hasn't changed, but the retrace to some higher level close to 7k is reasonable.
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Oh come onCatatan
To make it clear I'm not long, just watching it for fun. I still hold the shorts since 9KCatatan
fractal hmmmCatatan
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On Bitmex previous high almost = 1.272 (= 7050)Catatan
previous low*Catatan
Bitcoin margin shorters, Mr Soros please do it alreadyCatatan
Literally ATHCatatan
The question will the move up or down squeeze itCatatan
the question is*Catatan
Volume is getting lower as wellCatatan
divergence on a divergenceCatatan
looks organicCatatan
This idea is a total failure XDCatatan
Ok not a complete failure, but now we have a relatively low volume pump and bearish div:Catatan
Shorts squeezing as expectedCatatan
The top can be already in or we might continue the pump to 7050 (1.272 retrcement + bbands):Catatan
Bear flag/rising broadening wedge target exactly on previous daily low (5920):
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