There is no doubt in my mind that we'll get to 2900 next.
BTC has broken a daily support of 3500 and is heading down.
What happens when a support is broken?
You seek next support. As simple as that.
The trade could take between 24 to 36 hours but we'll get there eventually.
2900 happens to be a weekly support as well for BTC.
Looking at the hourly, we have just broken out of a bear flag.
BTC is far from bull run.
SHORT SQUEEZE has been in the cards for last 1 week.
SHORTs keep piling up everyday but that doesn't mean, people will stop SHORTing.
Can't really predict a SHORT SQUEEZE.
What am I doing?
I'm spewing that I closed my 4k SHORT at low 3700s.
I've SHORTed a small amount at 3270 after crossing the previous bottom of 3280.
I'll add to my SHORT if we make a retracement to mid 3300s or high 3400s.
What are my indicators saying?
My new indicator FOMO Momentum is saying that the 4 hourly timeframe is kinda maxed out. Which indicates that BTC is nearing some consolidation or the 4 hourly trend is close to reversal.
FOMO 4 hourly has been RED since 3800s and is in no trade zone atm.
When will I long?
I'll LONG once that downtrend line marked in Blue is broken. Until then, it's SHORT the pumps.
BTC has broken a daily support of 3500 and is heading down.
What happens when a support is broken?
You seek next support. As simple as that.
The trade could take between 24 to 36 hours but we'll get there eventually.
2900 happens to be a weekly support as well for BTC.
Looking at the hourly, we have just broken out of a bear flag.
SHORT SQUEEZE has been in the cards for last 1 week.
SHORTs keep piling up everyday but that doesn't mean, people will stop SHORTing.
Can't really predict a SHORT SQUEEZE.
What am I doing?
I'm spewing that I closed my 4k SHORT at low 3700s.
I've SHORTed a small amount at 3270 after crossing the previous bottom of 3280.
I'll add to my SHORT if we make a retracement to mid 3300s or high 3400s.
What are my indicators saying?
My new indicator FOMO Momentum is saying that the 4 hourly timeframe is kinda maxed out. Which indicates that BTC is nearing some consolidation or the 4 hourly trend is close to reversal.
FOMO 4 hourly has been RED since 3800s and is in no trade zone atm.
When will I long?
I'll LONG once that downtrend line marked in Blue is broken. Until then, it's SHORT the pumps.
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Comment:
And heading back down as expected after testing 3540
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This is our Target
Typical BTC BART move.
I've a Avg Short Entry of 3508 now.
Staying in it.
Got one more SHORT order at 3660 followed by SL at 3680.