I have been keeping my eye on the short sellers being at an all time high these last few days. A new ATH was created on April 8th and they have only increased from there. When zooming out you can see that the short selling volume has gone parabolic.
That is the type of fuel that we need to turn this market around. If the bulls can get the price above $7,155 then a massive amount of stop losses will start to get triggered. That should be enough momentum to get us back above $7,500.
If we can do that then we would break through the longer term trend (red line) and I would consider this bear market over.
We are currently trying to break the 50 day SMA resistance. If we can do that then I expect the next stop to be $7,155 where things will really get interesting.
I am waiting for a close above $7,500 as my final confirmation to open a long. In the meantime ETH:USD is breakout out of a nice cup & handle after being oversold and I will be focusing on that.
Happy trading and go bulls!
That is the type of fuel that we need to turn this market around. If the bulls can get the price above $7,155 then a massive amount of stop losses will start to get triggered. That should be enough momentum to get us back above $7,500.
If we can do that then we would break through the longer term trend (red line) and I would consider this bear market over.
We are currently trying to break the 50 day SMA resistance. If we can do that then I expect the next stop to be $7,155 where things will really get interesting.
I am waiting for a close above $7,500 as my final confirmation to open a long. In the meantime ETH:USD is breakout out of a nice cup & handle after being oversold and I will be focusing on that.
Happy trading and go bulls!
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