Bitcoin Technical Analysis: BEARS FULLY IN CONTROL
Bitcoin has dropped into a very relevant support between $4,600 and $4,100. It’s currently consolidating around $4,340.
Looking at long and short positions, we can see shorts have overtaken longs.
While not significant yet, if shorts continue to stack and widen the gap between longs, it could setup a massive short squeeze. If a major short squeeze happens at these levels, it could provide the catalyst needed to spark a bull run...at least a temporary one.
In today’s video analysis I discuss, where price may go from here, market psychology, personal trading techniques and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/@workin2005) or Steemit in order to watch.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
Based on what I have been reading/hearing, the price will continue to fall until the Smart Money has a safer way of accumulating Bitcoin and recent negative sentiment surrounding price manipulation.
I agree. For a sustainable bull run, we’ll likely need major news like ETF approval or something comparable. That said, if shorts start to out pace longs by 50% or more, I think we’ll likely see a massive short squeeze that many retail investors will interpret as the bottom. That could spark a short term bull run, but I don’t think it’d be sustainable.
id be shocked if 3k didnt hold. hopefully the bottom is near..
For a while it seems lol
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