BTC bounced off nicely from the 38.2% fib and is back above the VAH.
This move started with the break of the descending trendline that is on my chart, we retested it and bounced off it on the LTF.
Although it wasn't a perfect retest (price kind of played around it), we had the 38.2% fib as a confluence for a nice entry with a tight stop loss.
Why do I think this is could be another short squeeze?
We got some high bear volume near the lows of this move, but price wasn't moving much. So a lot of people were shorting and ended up getting rekt which is why we got this nice rally.
Now, if we hold the VAH as support, I expect BTC to go for the test of the 43k region, and if we break it, we could start looking for 47k
If we lose VAH, levels are the same as before
Any questions?
Good luck traders
Remember not to break your rules
Habib
This move started with the break of the descending trendline that is on my chart, we retested it and bounced off it on the LTF.
Although it wasn't a perfect retest (price kind of played around it), we had the 38.2% fib as a confluence for a nice entry with a tight stop loss.
Why do I think this is could be another short squeeze?
We got some high bear volume near the lows of this move, but price wasn't moving much. So a lot of people were shorting and ended up getting rekt which is why we got this nice rally.
Now, if we hold the VAH as support, I expect BTC to go for the test of the 43k region, and if we break it, we could start looking for 47k
If we lose VAH, levels are the same as before
Any questions?
Good luck traders
Remember not to break your rules
Habib
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