Perma Bears are still shorting. What's the big picture trade?
Well, our previous long entry at $6040 for the squeeze was viable and currently still in profits.
A hedge Short was opened at $7370
Analysis of the previous squeeze occurring on 4/7 demonstrates a possible in 6 phases:
Swing low, followed by an initial peak ,
Which are labeled on both charts.
(swing low) (initial Peak),
During that period BTCUSDSHORTS declined.
Initial peak to HL (higher low)
Once again labeled on the chart.
Then Phase 3
C for channel, in both cases a . That bounced off 61.8% fib
Previous was a perfect bounce, this time around, not quite.
The end result is a LH, lower high
BTCUSDHSHORTS pullbacks, then goes parabolic
A pullback from LH @ , to form HL2 @ fibo %23.6
Expected current target for BTC HL2 $6400
Projected in the near future, yet present on 4/7 .
C2 should draw in even more Shorts to squeeze.
Climbing from fibo %23.6 to %50
Final Shakeout, Drop back down to fibo %38.2,
Then the rest is history.
Initial Target after squeeze, is $10,000 @ Fibo % 161.8
If you're asking why,
Well observing the Shorts chart,
Bulls need to give up hope, and bears need to believe they're actually winning.
The objective: increase leveraged shorts for a mega squeeze
burn out all the bull hopium
Shake everyone out,
then finally Moon it :)
$6400 Target reached for short.
$6300 was longed
$6500 is hedged short in case trade doesn't go in favor.
I expect chop through the channel, Long target $7100
I expect to see a big movement on 9/18- 9/19
Around the 9/21st SEC ETF announcement
Hedge from $6500 was closed at $6100
Previous long stopped out,
Knife was bought with kevlar gloves
Long open at $6170
Looking for new high to hedge short.
Hedging short is a way to insure profitability
Current Low still higher than previous low,
I'd like to see an upwards retracement to $7100
Fractal is on track for LH,C2
Long still open at $6170
Looking for 6800 T1, to re-assess feasibility of $7100
I expect further continuation