🔥 Bitcoin Short-Squeeze Triggered: What's Next?
Yesterday I made an analysis on Bitcoin's near term outlook. Here I argued that the outlook was definitely bullish and a short squeeze might be triggered since so many traders are shorting at the moment.
Against all expectations, last night the short squeeze triggered, and we saw a massive increase in price. For fun, take a look at what happened on the BTC futures chart below. A 22.8% increase in price in 1 minute, this can only happen during crazy amounts of stop-losses being hit and liquidations.
Like yesterday, I'm still bullish on the short term. Point of interest is the fact that we're currently seeing 6 green days in a row. The last time we saw 6 green days was during the massive run up early January, so it's to be expected that BTC will need to cool off a little in the near future.
The most bullish scenario would be for BTC to decline between 3-5 percent, and bounce off the yellow area of minor support.
Thereafter, 40k-42k are the new major resistances. I'm not expecting BTC to hit this area again today, but later this week we could definitely see a 40k Bitcoin.
Happy trading!
Against all expectations, last night the short squeeze triggered, and we saw a massive increase in price. For fun, take a look at what happened on the BTC futures chart below. A 22.8% increase in price in 1 minute, this can only happen during crazy amounts of stop-losses being hit and liquidations.
Like yesterday, I'm still bullish on the short term. Point of interest is the fact that we're currently seeing 6 green days in a row. The last time we saw 6 green days was during the massive run up early January, so it's to be expected that BTC will need to cool off a little in the near future.
The most bullish scenario would be for BTC to decline between 3-5 percent, and bounce off the yellow area of minor support.
Thereafter, 40k-42k are the new major resistances. I'm not expecting BTC to hit this area again today, but later this week we could definitely see a 40k Bitcoin.
Happy trading!
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