Short squeeze to $4240 or $4520
Actualizado
**I was just about to click publish when the short squeeze beat me to it. This was the analysis:
Bitcoin sentiment and the weekly chart is bearish, however, Bitfinex shorts are rising and have fallen out of and retested a rising wedge which means we might have a short squeeze from here in the short term and a bounce to retest that pennant as resistance at around $4240.
The larger trendline resistance since 6k is now holding as support and we also have bullish divergence on the 4H money flow indicator (which includes both price and volume) so looking for a bounce since stochastic is also oversold.
I think btcusd will be testing new lows if we drop from $4240, which coincides with EMA50 as resistance but if we do manage to find support above $4240, I don't think we'll get a close above $4520, which coincides with our EMA100 resistance unless buying volume returns. You'll notice that buying volume has been gradually dropping after every bearish volume spike. We may find support at around $4150 if we do get to $4500 but better to see what happens closer to then.
This is the btcusdshorts rising wedge I was referring to:
Good luck and happy trading!
previous post:
Bitcoin sentiment and the weekly chart is bearish, however, Bitfinex shorts are rising and have fallen out of and retested a rising wedge which means we might have a short squeeze from here in the short term and a bounce to retest that pennant as resistance at around $4240.
The larger trendline resistance since 6k is now holding as support and we also have bullish divergence on the 4H money flow indicator (which includes both price and volume) so looking for a bounce since stochastic is also oversold.
I think btcusd will be testing new lows if we drop from $4240, which coincides with EMA50 as resistance but if we do manage to find support above $4240, I don't think we'll get a close above $4520, which coincides with our EMA100 resistance unless buying volume returns. You'll notice that buying volume has been gradually dropping after every bearish volume spike. We may find support at around $4150 if we do get to $4500 but better to see what happens closer to then.
This is the btcusdshorts rising wedge I was referring to:
Good luck and happy trading!
previous post:
Nota
We have a bullish rectangle forming on the 15 min chart targeting $4200.
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