We're still long from 6.5k, and we still have a ways to push up yet.
In April it went from 7k to 10k with that short squeeze. As previously mentioned, we are now in the midst of the same scenario. Strong MACD cross, RSI looks good.
What's interesting about this scenario that's playing out is the last initial short squeeze propelled BTC from 7k to 8k and went down by 14k in contracts. While we have moved up from 6-7k and there has only been a squeeze out of roughly 7k in contracts. We still have a lot of lemonade to make with those bear tears and this will continue to drive BTC higher.
We'll look to get out just under 10k. You can put a protective stop in place, all though I don't think it's necessary. Timing wise, I think this will take until the end of September.
Happy Trading,
-Sherem
In April it went from 7k to 10k with that short squeeze. As previously mentioned, we are now in the midst of the same scenario. Strong MACD cross, RSI looks good.
What's interesting about this scenario that's playing out is the last initial short squeeze propelled BTC from 7k to 8k and went down by 14k in contracts. While we have moved up from 6-7k and there has only been a squeeze out of roughly 7k in contracts. We still have a lot of lemonade to make with those bear tears and this will continue to drive BTC higher.
We'll look to get out just under 10k. You can put a protective stop in place, all though I don't think it's necessary. Timing wise, I think this will take until the end of September.
Happy Trading,
-Sherem
Note
Previous ideas for reference:
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and please remember to hit the like button!Note
A quick update, It appears we are coming to this 6.7k support area and trendline, i imagine we will get a move up from here. We only need to be worried about more downside if the 6.5k area doesn't holdNote
Still holding. We are looking good. Next stop 7.5k.Note
almost at 7.5k, expect some pull back and then the trend to continue. Click refresh on the btcusdshorts positions and you will notice we now have a lot of people who just shorted it. More short squeeze coming.Note
Crazy move. You should have either gotten stopped out just above 6.5k for a break even/ profit. Or are into hodl mode. I am actually not to worried about holding, we should find support here. Reason for the move? A large short increase and longs hardly dumped....
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.