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