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:

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

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing. 

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Responses

        1. Workin2005 Post author

          There are about 5 ways to count this. The cleanest would be via log scale and have us in a fifth wave, looking for bottom. Honestly, trying to trade off Elliot wave in this market environment is just not practical IMHO. Others may disagree. I feel there’s far too much manipulation and too little volume to get any kind of accurate count. When daily volume consistently exceeds 10 Billion again, I’ll start applying EW. Until then, I don’t feel it has much use outside of being nice to know.

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