Yesterday I mentioned that the amount of short sellers had gone parabolic and said if we could get the price above $7,155 then a massive short squeeze would be triggered.
This morning I was very excited to see that the bulls were able to get the job done! Resistance came in like clockwork on the longer term bear trend (red line). The wick on top of the 4 hour and daily candle is not ideal and we should start to see a pullback over the next 12-24 hours.
We need this pullback to support above $7,500. If it can do that then I am confident that we will break out of the bear trend on the following rally. From there the next bull run will be absolutely massive!
The volume has been picking up significantly on the OTC desks and some big name funds have publicly moved into the space. I am very excited about all of the indications of a reversal, but I am not jumping in on BTC:USD just yet.
Final confirmations will be support above $7,500 and breaking through the bear trend. Yesterday I mentioned that ETH:USD was breaking out of a cup & handle. Anyone who took that position is doing very well this morning!
Happy Trading and remember that following is free!
This morning I was very excited to see that the bulls were able to get the job done! Resistance came in like clockwork on the longer term bear trend (red line). The wick on top of the 4 hour and daily candle is not ideal and we should start to see a pullback over the next 12-24 hours.
We need this pullback to support above $7,500. If it can do that then I am confident that we will break out of the bear trend on the following rally. From there the next bull run will be absolutely massive!
The volume has been picking up significantly on the OTC desks and some big name funds have publicly moved into the space. I am very excited about all of the indications of a reversal, but I am not jumping in on BTC:USD just yet.
Final confirmations will be support above $7,500 and breaking through the bear trend. Yesterday I mentioned that ETH:USD was breaking out of a cup & handle. Anyone who took that position is doing very well this morning!
Happy Trading and remember that following is free!
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