I like your ideas, very simple and straightforward! Do you think btc will still go to 43k region despite it is bouncing towards 57k?
befux
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@Yuchian_Ci, this plan actually a little bit off right now because when we look at A, it's inner waves are really long. 44k is still a possibility but market is very healthy right now. We will see how the market reacts when we go 58-60k and prepare another plan after that.
Yuchian_Ci
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@befux, thanks for your explanation! sold my btc at 55k about 10 days ago thinking it could crash more and looking at some bearish ideas. The volume was low and it took quite some effort for btc to reclaim important levels so I didn't have much confidence to buy in again. Now it seems to be bullish again. So hard to wrap my head around it.
befux
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@Yuchian_Ci, there were too many short stops in upper levels so i think this is why we go up like this
Yuchian_Ci
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@befux, meaning short squeeze playing a role here?
befux
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@Yuchian_Ci, we dropped from 64 to 47 in 9 day red-candle streak so there were too many shorts waiting for a bear market or 44k. So they don't want that much shorts and pumped up Bitcoin to liquidate or stop them.
Yuchian_Ci
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@befux, who are "they" here? It's not like its a small cap coin can be pumped up by anyone... institution money maybe?
So there's a chance they capture these shorts and drop again? I see this happened in Feb, dropped, went up and dropped deeper, but couldn't figure the reason behind that since I was not there yet.
befux
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@Yuchian_Ci, it is not about institutions. just look at funding rate when we are pumping from 47k, it is really low (not right now). So, it is not normal that we pump like that actually, not in a bad way tho.