Last night we saw an awesome swing on BTC, dipping as low as 2510 on Coinbase at one point and then recovering and breaking out of the fib fan. Pressure is on now, 2830 is the bull target pressure point for starting the squeeze on shorts. This chart is designed under the assumption that the massive weight of the shorts are too overbearing for those of our buyers in green. That being said, I'm always skeptical when market sentiment is so heavily skewed in one direction such as it is now, where anyone and everyone is loaded shorts and am curious to see if there is enough market buyers out there with deep enough pockets to put the pressure on the short players. It would take overwhelming support to successfully squeeze shorts out of their positions, but the shorts covering and calling alone could be the recipe to a new ATH, however unlikely.
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Very pleased to be wrong about the decline, but the games are not done. I hope to see a pop between 3080 to 3330. However, the fud, the fork and the fear could limit the amount buyers are willing to spend this high.
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As I stated 2830 is our target for the squeeze so far fierce opposition and no clear sign of a true reversal just yet that will lead us to 3080-3330. Some of our smaller timeframes are showing overbought and consolidation between 2750 and 2780, where enough pressure could cause some short closures and provide the fuel needed to guide us to a potential ATH test. At this time we should be cautious, never trade with more than you can afford to lose.
As I stated 2830 is our target for the squeeze so far fierce opposition and no clear sign of a true reversal just yet that will lead us to 3080-3330. Some of our smaller timeframes are showing overbought and consolidation between 2750 and 2780, where enough pressure could cause some short closures and provide the fuel needed to guide us to a potential ATH test. At this time we should be cautious, never trade with more than you can afford to lose.
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Watch closely, we're at the 2830 area I was speaking about almost 19 hours ago.
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What happens when no one wants to miss out, but no one wants to buy this high? Find out and watch for the end of day action. The next 2 hours of BTC trading should be crazy. The risk to reward ratio on BTC is now higher than ever, please be careful and never trade with more than you can afford to lose - whether your're long or short.
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Looks like BTC do :D -- that being said 2930 is our new fun zone target. Action beyond that should be treated very very cautiously. If 3,000 has a clean break though. Look for where I suggested around 3080 to 3330. Beyond that o.o wow.
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5 letters: C-H-I-N-A
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Looks like 2930 target was a good one past 2830. Currently I am not trading BTC. Just watching how it responds to the market speculation of BCH/BCC and its underlying support levels.
Refined some lines.