I updated yesterday’s post to warn everyone of a upcoming short squeeze. My reasoning was simple: short sellers on Bitfinex were at an all time high.
I should have closed out my short upon making that update, when the price was at $6,600. But I stubbornly held onto it and kept a tight stop. That was triggered last night while I was out at the bar and I had to eat a small loss.
Today I am very interested to see how long this rally will last. We have broken out of the triangle on the upside and over 33,000 BTC are still short. That tells me the short squeeze hasn’t even started yet.
I expect many stop losses are set in the $7,100 - $7,200 range and that is where the whales will be targeting. Get the price to that range, and then let the liquidations take over from there.
I am watching for a close above $7,500 before turning bullish. Right now I am firmly neutral and will be sitting on the sidelines.
Happy trading and go bulls!
I should have closed out my short upon making that update, when the price was at $6,600. But I stubbornly held onto it and kept a tight stop. That was triggered last night while I was out at the bar and I had to eat a small loss.
Today I am very interested to see how long this rally will last. We have broken out of the triangle on the upside and over 33,000 BTC are still short. That tells me the short squeeze hasn’t even started yet.
I expect many stop losses are set in the $7,100 - $7,200 range and that is where the whales will be targeting. Get the price to that range, and then let the liquidations take over from there.
I am watching for a close above $7,500 before turning bullish. Right now I am firmly neutral and will be sitting on the sidelines.
Happy trading and go bulls!
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/