It all started with the 8 days ago. I wrote about the significance of it's size and location. The 6431 to 6614 resistance happens to be a minor .618 zone relative to the recent 6850 high. The simultaneous break of this zone and are significant signs of strength.
As I wrote in my S.C. article earlier today, the shallow higher low which has been established by the , is a riskier location for a swing trade. Our plan is to wait for the next retrace in order to enter a swing trade long.
An attractive location for a setup would be the 6126 to 5977 (.618 of current swing). In light of the probability of this broader area, we are anticipating a higher low formation rather than a retest of the lows on the next pull back.
The mistake to avoid is to chase this market now. Even though it has potential on the bigger picture, the risk of retrace increases as it climbs. At S.C. we have been writing about accumulating inventory for weeks across all of these coins. As this market bottoms, we are in a general position to benefit, whether we catch the smaller individual trades or not. And that is the whole point of employing strategies across multiple time horizons.
In summary, do not worry if you missed this squeeze. As I wrote on S.C., opportunities are infinite but at the same time infrequent. Patience is your best friend in these markets. One of the most valuable skills you can develop as a trader is the ability to wait.
If a broader move higher is truely in progress, there will be more opportunities to get long that offer much better reward/risk. The next retrace will be a very important test for this market. Prepare for it now rather than fretting over the movement that has resulted from signs that appeared days ago.
good work by the way @MarcPMarkets
For grins and giggles, I would like to suggest that the squeeze wasn't short inspired, but manipulated.
I want to further bog down the imagination... with extreme thinking.
Do I think this WILL happen? Unlikely. Is price manipulation real? I think so and I trade on it.
Remember, even this chart does not reflect my sentiment, it just gives an amusing perspective.