CRYPTOWATCH 08: retesting the pennant

BTC LIVE CHART: Bitcoin is currently testing previous support of the bear pennant as resistance at the moment of writing. A rejection could indicate a confirmation for the bear trend and a lower trading range for the coming weeks, however; a breakout could mean the opposite...

Currently, BTC is squeezed between support and resistance (green and red box) which is a bullish indicator. However, a retrace would make most sense given BTC is overbought and just made a 13% 24 hour increase... Another point of interest is the Chinese mining ban and how it will affect the hashrate - which by itself looks bearish at the moment. So it's hard to say at the moment and we monitor price action from here...

IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.

Kommentera:

BTC SHORT SQUEEZE: proper short squeeze going right now as BTC shorts are at their highest this year... market makers are on it... Death cross is inevitable though, I already have an idea what is going to happen...

Kommentera:

alright, according to my opinion, DYOR though... As long as there are this many shorts BTC will trade upwards until they are closed or liquidated... That doesnt mean we dont see retraces or corrections but generally when have this many shorts, the market usually (not always) goes against them.