ETHUSD SHORT again at ATH, short squeeze likely
TL:DR - Set up for another short squeeze as fear overcomes the market.
This is the ETHUSD SHORT graph with 1 D candles. Anyone feeling deja vu? Because I sure am. When Ethereum went from $574 down to $492 on 5/28/18 we saw an all time high interest in shorting Ether as seen in the first blue oval. If you read my post here you'll see I called for a short squeeze with subsequent bullish price action. We then got just that as priced rallied from $512 to a local high of $620. Unfortunately that is where momentum stopped but I was able to get one good trade out of that price action.
Today we again see all time high interest in shorting Ether with a parabolic rise in the number of open shorts as indicated in the second blue oval. Price looks again to be well set up for a bullish short squeeze. Generally, the ETHUSDSHORT graph seems to spike AFTER price has made its biggest move downward.
Now, price does not HAVE to go up and history does not HAVE to repeat itself but this chart to me looks like another short squeeze is imminent. It is very possible price collapses even further before any sort of short squeeze occurs. But as I said in my post yesterday I am long from $451. I have a stop loss around $430 and my target is about $530.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the ETHUSD SHORT graph with 1 D candles. Anyone feeling deja vu? Because I sure am. When Ethereum went from $574 down to $492 on 5/28/18 we saw an all time high interest in shorting Ether as seen in the first blue oval. If you read my post here you'll see I called for a short squeeze with subsequent bullish price action. We then got just that as priced rallied from $512 to a local high of $620. Unfortunately that is where momentum stopped but I was able to get one good trade out of that price action.
Today we again see all time high interest in shorting Ether with a parabolic rise in the number of open shorts as indicated in the second blue oval. Price looks again to be well set up for a bullish short squeeze. Generally, the ETHUSDSHORT graph seems to spike AFTER price has made its biggest move downward.
Now, price does not HAVE to go up and history does not HAVE to repeat itself but this chart to me looks like another short squeeze is imminent. It is very possible price collapses even further before any sort of short squeeze occurs. But as I said in my post yesterday I am long from $451. I have a stop loss around $430 and my target is about $530.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***