Trader RocketTrade — Trading Ideas & Charts

Bitcoin AKA The Big Squeeze

BTCUSD

, 1M

RocketTrade

Well, What do you think? I think bitcoin looks like a big squeeze.

Watch the 200

BTCUSD

, 240

RocketTrade

Everyone is holding out to touch the 200 sma . The most bitcoin thing to happen here IMO is a sharp drop down to a larger pump up to shakeout as many stop losses as possible. I could see 10k all next week. Or a week around 8k till we go back up. Out of trades at the moment pretty sure most stop losess will be hunted this weekend. OR we are looking at a great...

Who else is watching this 200 EMA?

BTCUSD

, 240

RocketTrade

Breakdown doesn't look bullish but isn't that the point? If we do break the line I think we are doomed for low 8000's , or at least another fakeout down to 9200. Let us hope ALT market dominance and Bitcoin trade a perfect sideways for us all and also prepare for an immediate fall.

RSI on the Daily

BTCUSD

, 1D

RocketTrade

The last time we were at this RSI on the daily we were under $4000 !!! In my opinion this is super bullish EVEN if we drop down to $8800 for a couple weeks or for a bounce, which is looking more and more possible, however I am still seeing a possible bounce much sooner.

Setup looks familiar- RSI Bounce - What will Bakkt bring?

BTCUSD

, 1M

RocketTrade Updated

- The red line showing the bounce off the 60 RSI range into higher bull run regions looks just like the one that happened prior to the last run when we were around $800... - We can still drop down to mid 8K range without getting off the 60-100k by 2021 trail... - The volume is also growing just like before, Bakkt is to bring so much more, and bitcoin is a scarce...