ETHUSD Shorts - Short Squeeze likely but watch EOS Shenanigans
TL:DR - All time high in short positions sets up for a short squeeze and the next bull run, I am looking to buy BUT watch the EOS situation.
This is the ETHUSD short chart with 1 day candles. The last 24 hours has seen an EPIC increase in shorts on Ether. If this were simply an ETH:USD price chart I would start selling my positions at a profit as the current trend is clearly unsustainable. The same usually holds true on shorts. The last 24 hours has seen the largest single day increase in shorts on Ethereum as well as the highest number of shorts ever held against the crypto.
We saw a very similar thing right before the most recent Bitcoin bull run in early April: everyone was set up on the short side of the trade and a subsequent short squeeze occurred pushing prices up for the next 2 weeks. I expect the same to happen with Ether given this current trend.
Now I have heard a lot of noise regarding EOS selling their 1m Ether and pushing its price down. Certainly if there is a coordinated dump orchestrated by EOS who own at least 1% of all Ether then the shorts may actually be correct HOWEVER usually when everyone is on the same side of a trade they are wrong so I am looking to buy because we have hit my $525 support target and the crowd is usually wrong.
***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 chart with 1 day candles. The last 24 hours has seen an EPIC increase in shorts on Ether. If this were simply an ETH:USD price chart I would start selling my positions at a profit as the current trend is clearly unsustainable. The same usually holds true on shorts. The last 24 hours has seen the largest single day increase in shorts on Ethereum as well as the highest number of shorts ever held against the crypto.
We saw a very similar thing right before the most recent Bitcoin bull run in early April: everyone was set up on the short side of the trade and a subsequent short squeeze occurred pushing prices up for the next 2 weeks. I expect the same to happen with Ether given this current trend.
Now I have heard a lot of noise regarding EOS selling their 1m Ether and pushing its price down. Certainly if there is a coordinated dump orchestrated by EOS who own at least 1% of all Ether then the shorts may actually be correct HOWEVER usually when everyone is on the same side of a trade they are wrong so I am looking to buy because we have hit my $525 support target and the crowd is usually wrong.
***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.***
Comment:
Shorts are now destroyed. I expect further upside.