Bitcoin Thread

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I think it could go up from here. A small inverse head and shoulders is in play as well as the descending expanding wedge. Has to stay above $6k though.

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Also 2nd doji on the daily Heikin Ashi indicator. The daily is closing in 80 minutes and if it closes above $6245 (as long as there's not another low) then we will have the first green bar for almost two weeks and people will start buying more because it signals a trend change.

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It seems like all doom and gloom right now. However shorts have piled on at a faster rate than back in March/April. High chance of exploding upwards soon with a squeeze and a good couple of weeks upwards afterwards.

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Shorts are still climbing. Another 3k BTC worth of shorts added overnight. People seem very confident of the price dropping from here.

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There are signs of a trend change though. Momentum is starting to shift to bulls.

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SaiyanZ said:
Shorts are still climbing. Another 3k BTC worth of shorts added overnight. People seem very confident of the price dropping from here.
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Price has struggled to break through the $6500'ish range multiple times now. I'm still expecting it to test the $5400'ish region before heading up, though watching it closely now in case it breaks upward again.

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saor said:
Price has struggled to break through the $6500'ish range multiple times now. I'm still expecting it to test the $5400'ish region before heading up, though watching it closely now in case it breaks upward again.
Click to expand...


I would be neutral right now (or bearish if we head back below $6k today) if it wasn't for the extreme build-up of shorts. It might still drop a little but I'd rather hold right now because if the squeeze happens it's going to be a much bigger move up. It might go 5% down but there's a potential 15% to 20% upwards with the short squeeze. I don't want to miss out on that move. If it does squeeze we could be at $7600 again in half an hour.

Edit: My Tradingview update:

https://www.tradingview.com/chart/BTCUSD/IQZZGUpF-Short-squeeze-imminent-big-move-up-soon/
 
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SaiyanZ said:
It might go 5% down but there's a potential 15% to 20% upwards with the short squeeze.
Click to expand...
If price can hold here and pop through this $6550'ish resistance we might just see that big green candle.

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This $200 dump came out of nowhere just breaking through supports like they're nothing. Expected $6400 to provide a little more support. Though the price is up 10% in a day so it could just be risk adverse people taking profit from the lows. I will still hold as it could squeeze upwards at any time. Would prefer the price to stay above $6200 otherwise it will give people an opportunity to start closing their shorts.

I expect the squeeze to come after a mini dump too. What usually seems to happen is a small dump before a big pump.
 
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SaiyanZ said:
This $200 dump came out of nowhere just breaking through supports like they're nothing. Expected $6400 to provide a little more support. Though the price is up 10% in a day so it could just be risk adverse people taking profit from the lows. I will still hold as it could squeeze upwards at any time. Would prefer the price to stay above $6200 otherwise it will give people an opportunity to start closing their shorts.
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Moved into cash at $6470.
Will limit order above the resistance in case it pushes through later tonight.

If it falls into that downward channel again I'm not too optimistic about it getting back up to $6600 for the next few days.
If it gets into the channel $5800 is likely, and once we're down there $5400 seems like a possibility again.

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saor said:
Moved into cash at $6470.
Will limit order above the resistance in case it pushes through later tonight.

If it falls into that downward channel again I'm not too optimistic about it getting back up to $6600 for the next few days.
If it gets into the channel $5800 is likely, and once we're down there $5400 seems like a possibility again.
Click to expand...


There's also a possible head and shoulder if it's not able to get back above $6500 and hold there. If it starts coming back down from there then $6100 is back on the cards in the short term.

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SaiyanZ said:
I was referring to this little one. It broke down but only dropped $100 to the upwards trend support.
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I think that that the one I was referring to in my post :).
I just also pointed out the occurence of a potential h&s on the daily too.

Anyway - could possibly pop up again but just doesn't feel like it's got the momentum to carry through for a big move right now.
 
saor said:
Anyway - could possibly pop up again but just doesn't feel like it's got the momentum to carry through for a big move right now.
Click to expand...

It's just waiting game now. I think it just needs a little time at this level before a move up. There's enough shorts in play now to almost ignore $6800/$6900 resistance and possibly even $7300. If it squeezes it should just blast past $6800/$6900.
 
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