Bitcoin absorbs short selling and is heading to confluence
There was 4 consecutive weeks of $5155 support on the chart shown above. During this time BUYERS consumed SELLERS.
Take a look at the ORANGE line, that's is an overlay of the BTCUSDSHORTS chart. You can see the spike in selling at which time there was a ROCK SOLID foundation of $5155.00. Pay attention to that, because that's sellers, selling into vacuum powered buyers. The keen eye will also note that on previous short selling spikes, Bitcoin went down as a result, not this time though. This time was different.
The area of confluence was where support appeared at several bottoms during the descending triangle bear market. That's where this is heading!
Brace yourselves.
Take a look at the ORANGE line, that's is an overlay of the BTCUSDSHORTS chart. You can see the spike in selling at which time there was a ROCK SOLID foundation of $5155.00. Pay attention to that, because that's sellers, selling into vacuum powered buyers. The keen eye will also note that on previous short selling spikes, Bitcoin went down as a result, not this time though. This time was different.
The area of confluence was where support appeared at several bottoms during the descending triangle bear market. That's where this is heading!
Brace yourselves.
Comment:
On the chart it states "4 days of $5155 support" that should be 4 WEEKS of $5155 support.
Comment:
