Sherem
Long

Who has been preaching DAT SHORT SQUEEZE!?!?!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I have been preaching a short squeeze for a while and boy did we get the short squeeze! Wow! Now that we have bought at these lows and the market is moving up, what do we do?

First, a couple observations.

1. MACD is crossing up and looking good.
2. We are hitting this massive trendline going down.
3. Shorts got squeezed big time! We still have more room to go in that department, but that was a solid move/squeeze.

If you are wondering where to enter the market for a move to the upside, just above this $7,500 area should provide some support if we are going to continue up. I will be placing a stop just below $7,400 and I will let the market dictate what happens from here. If we go down, we have a great profit and if we go up we will really hit a home run. Basically what we need is a break of this $7,800-8k area for a confirmed move to the upside. On the upside I am targeting the 8.75k-9k area as a first target. Now, this could very well go higher past (9k) if we break this trendline as I have stated in my below calls. But I will be using that as a target for my first exit point of taking half of my position off the table, and letting the other half potentially ride out the rest.

Happy Trading! pick your points, don't use leverage and don't stress.

-Sherem

Called it here:


and here:
Comment: And please smash that like button for me to let me know this helped out!
Comment: It looks like we could be forming a bull flag here. This is a little early to post this, but wanted to get it out for people looking for possible entries. Let's see how this forms!
Comment: Protecting profits, moving stop up to just below $7,800. Even if you entered on the flag you should be profitable. If we are going to move up we should see support at this 7.9k-8k range, possibly with a retest of $7,800. Bear in mind I am anticipating another re-entry point if my stop is triggered.
Comment: I want to be more specific with my stops as I was with our ETH trade that we got stopped out of. My stop on BTC is at $7,745 just below $7,800 as notated above. You can see we have gotten solid support so far at $7,800 and we are moving sideways. This placement will allow us to take home a lot of profit and let the market run if it keeps going up.
Comment: Moving my stop up to $7,945. Still targetting $8.75k-9k area to get out. We formed an ascending triangle and broke out and it should push higher.

Trade closed: stop reached: Stop hit, out with profit.
I love your style of TA, very simple and straight forward.
Reply
@YoJah, thank you!
Reply
Yes I'm surprised how big the squeeze was. I was expecting it to be more gradual. People used a lot of leverages it seems. We should see a quick move up in the next few days or bears will attempt to regain control. Anyway they have been destroyed so I don't think they will try to short again. The downtrend has lost momentum.
Reply
nothing like the smell of monkey hammered shorts, in the morning
+2 Reply
Sherem MrSullivan
@MrSullivan, Indeed good sir! I am drinking my tea with a short squeeze of lemon this morning
+3 Reply
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