After about a day of absolutely boring sideways, something interesting happened that took everyone by surprise: we broke back up, in-fact retraced 100% to the previous local top.
This is interesting, because people who have their cute little wave counts (including me) assumed that after the drop from 3800, this marks an a-b-c correction finished and the downtrend should continue.
Infact, every trader was thinking this.
But, it didn't.
We broke up, everyone shorted the top of ~3820, the wick proves that. And yet, it held. It didn't drop, it didn't even retrace 50%, and now it's quickly moving up further - ready to break the main downtrend line. Something very interesting is happening.
Currently there are 25,000 shorts vs 15,000 longs on bitfinex. Slowly, more and more good news is coming out. Malaysia legalised bitcoin, Russia is working on a framework for Bitcoin, venezuela is adopting bitcoin en masse to become the world's first "completely" bitcoin economy.
This creates the perfect scenario for a short squeeze and _another_ bull run towards the top of this channel.
As soon as that green line is broken, it's game over.
This is interesting, because people who have their cute little wave counts (including me) assumed that after the drop from 3800, this marks an a-b-c correction finished and the downtrend should continue.
Infact, every trader was thinking this.
But, it didn't.
We broke up, everyone shorted the top of ~3820, the wick proves that. And yet, it held. It didn't drop, it didn't even retrace 50%, and now it's quickly moving up further - ready to break the main downtrend line. Something very interesting is happening.
Currently there are 25,000 shorts vs 15,000 longs on bitfinex. Slowly, more and more good news is coming out. Malaysia legalised bitcoin, Russia is working on a framework for Bitcoin, venezuela is adopting bitcoin en masse to become the world's first "completely" bitcoin economy.
This creates the perfect scenario for a short squeeze and _another_ bull run towards the top of this channel.
As soon as that green line is broken, it's game over.