BTCUSD
is coming off its rally now on the denial from Amazon
AMZN
that it will not accept Bitcoin. Prior to this the run up has been labeled a "short squeeze" as that term has become all the rage in 2021. It did in fact qualify as one seeing as how over 60% of leveraged short positions have cleared out in the bullish move.
From a contrarian perspective... clearing out the leveraged shorts actually increases the probability that a break of the consolidation lows (sub 30k) will induce a violent "long squeeze."
From a contrarian perspective... clearing out the leveraged shorts actually increases the probability that a break of the consolidation lows (sub 30k) will induce a violent "long squeeze."
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Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: www.youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade