It looks like we are in/ending a wave 4 correction. If the fib levels are to be taken as any serious indication - it has held incredibly well which we can assume is a bullish sign.
Below I will zoom in to show the importance of this Fibonacci support.
While BTCUSD Shorts continue to rise, it is interesting to notice that BTCUSD Longs are at record ATH matching Dec 2019 and Feb 2020.
BTCUSD continues to remain undecided. It has been a month where trades are becoming unworthy if not too risky. Alts have lost more than 75% of this years ATHs, yet Alts don't seem to nudge on positive announcements either as...
I think we are at the start of a new rally...
The #bitcoin bull market started in 2020 after we broke out on the Daily RSI and a bounce off from BO retest.
Today, we find price retesting these levels after another Major BO 3-D ago, I believe we'll see a bounce off.
Expect Crossed fingers
Idea for BVOL24H:
- BVOL is like the VIX for Bitcoin.
- BVOL Wave 5 target 30+.
- Likely move is Down: Complacency Phase -> Anxiety Phase.
- Short Bitcoin
GLHF
- DPT
I am very hesitant to short anymore what with the skyrocketing short positions. The long positions remain higher - BUT - since the 7th they've gone up a mere 3k from 43 to 46k whereas shorts have skyrocketed from 1,500 to 19,000 in the same time frame and remain very high. Some may be using this as an indicator to give further credence to taking their own short...
Again we continue to observe BTCUSD SHORTS mounting and reaching record high. What does this translate to?
1) The market sentiment is bearish
2) Market volatility is expected to be high
3) Place your bids low to catch BTC... if it falls. Mine are set at 27.5k and 25.5k
4) Expect BTC to pump liquidating the shorts, then it may or may not fall. This remains pure...
I am posting this chart too, since there definitely is 2 scenarios that can play out here. After studying some other data and seeing how short positions have spiked very high this could also mean that there is absolutely no reason to visit 25k before continuing this rally up. The longer the price holds in this 30-40k range the more people are going to jump in to...
Keep an eye out for that green box which has a strong gan fan support. I personally feel like 25k is coming before the final leg up for Bitcoin after the summer-season.
