Bottom of Descending Wedge - Bitcoin Breakout Edition. ;)
Take a look at the red trend line that previously made contact on July 15th and Sept 14th acting as support.
This forms the bottom of a giant wedge pattern with the overall bear trend line since btc 20k.
With all time high shorts in the orderbook, oversold on daily RSI, it's a recipe for disaster.
Majority of folks will burn, not Slumach.
I don't see btc under 6666.6(hail satan) in the near future.
I see a major upward movement coming to squeeze current shorting majority, followed by some sideways action to accumulate more long interest.
Followed by a nice long squeeze back to 6900~ before the real action.
back to the mine, cheers.
This forms the bottom of a giant wedge pattern with the overall bear trend line since btc 20k.
With all time high shorts in the orderbook, oversold on daily RSI, it's a recipe for disaster.
Majority of folks will burn, not Slumach.
I don't see btc under 6666.6(hail satan) in the near future.
I see a major upward movement coming to squeeze current shorting majority, followed by some sideways action to accumulate more long interest.
Followed by a nice long squeeze back to 6900~ before the real action.
back to the mine, cheers.
Comment:
$1400+ in 4.5 hours : Short squeeeeeeze confirmed.