cheynos
Long

Finally! Very bullish on Bitcoin! This is why! (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone
Today an update on BTC price-action! Let’s get straight in to this!

-Finally!!! I’m talking about it for more than 2 weeks, we’re finding higher lows on the daily and 4hourly chart. We’re finding higher highs and higher lows, which is a huge deal! We’re now between this support and resistance level for quite some time and it seems that price is stabling in this area. This is very healthy price-action ATM. ( incident with Bitmex not included).

-So next target for me is 7.2K, why?
1) 7.2k has been a huge level in the past. We’ve found more than 4 times resistance and support at this level.
2) hits perfect the 0.5 Fibonacci level.
If BTC hits the 7.2K price level, that will cause a lot of panic for the shorters. Shorters will cover their losses by buying BTC and that will create a huge demand, that will rise up the price! ( BTCUSDSHORTS see further)

-The zone between 5.7K and 6.8K is huge! we saw in the past that we’ve never came down when entering this zone, if we do so, 5K is our next target but I don’t believe that we’re going under the 5.7K. this is a huge support-zone and an ideal buy-zone.

-When our action is sideways for quite some time, it is always followed by a huge up or downtrend, this time will not be different.


BTCUSDSHORTS
-We can see that a lot of people are going short on BTC . This is just all energy for a potential big uptrend, the margin for a big shortsqueeze is enormous, this isn’t the moment to go short!

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