I won't make a prediction on whether or not it gets to the point where the trend lines intersect but, if it does, that would be an ideal point to go long (best risk/reward IMHO). The range I'm looking for is somewhere between $4,200-$5,200 (depending if and when the break down occurs). While that's a pretty large range, if you stagger your buys you should be able...
With ETHUSDSHORTS at an all-time, this looks to be a good counter trade. The last 2 times the shorts peaked, ETH had pumps of around 20-25% in subsequent days. If that trend were to follow, look for ETH to pump to 260-270 levels. Buy point is ~215, sell point ~260. Pretty tight stop loss (5%) of 195 as ETH looks bearish overall still.
LBCBTC is at long term support and is currently sitting at the bottom of the buy channel. Additionally, RSI is starting to turn up even as new lows are made (bullish divergence).
If interested, I would use a relatively tight stop as you'd be in uncharted territory (literally) if it breaks the last support.
BTCUSDSHORTS are at an all-time high currently (blue line). As shown in the graph, the last time shorts were at ATH, Bitcoin produced a rather large move up in a short time frame. Also, notice the similarities in the rounded bottoming out process in April and now. My personal opinion is this we'll see a spike up to at least right around the trend line in the short...
FoldingCoin (FLDCBTC) is at long term support on both log and non-log scales. Buy area is marked in blue rectangle, sell area is marked in green rectangle. Stagger buys at 47 sats and below. That said, if BTC dumps hard you can be pretty certain FLDCBTC will drop hard so be prepared to dump it if trading.
Short term (3-4 months) it's possible to experience lower prices as we test the bottom range. Long term, though, BTC 2.94% is still very bullish.
note: you may have to manipulate the scale a bit to get a better long term picture.
