I want to take a step back and see how high BTC could go if we get a reversal. I want to preface this by saying all though I think we are long overdue for a bounce and that I think it will bounce. It could also push to $4,000 before reversing up. First, if you haven't seen my last post take a look at that one for more clarity.
This chart I just posted compares BTC to BTCUSDShorts. It's self-explanatory really, we are at all-time high short exposure. More people have been short now than almost ever before. You better believe that any new person that is short is very nervous right now if we break higher. So, if we do break higher, how high could we go?
1st Stop 7.2k - We are already really close to this
2nd stop 7.5k - Trendline and support point
3rd stop 8.5k-9.5k area - Trendline and major resistance.
For this final area to break, I think will take some time and sideways movement. Hard to say exactly how it would break this at this juncture
After that, we go to 11k area.
If we break this recent 7.2k high, I think we are going to test 7.5k rather quickly. If you are short you gotta be wondering, while everyone is calling for a strong bounce after it tests down to 4k. Is it worth holding on that long risking a break up first, resulting in you either get margin called or losing money? I would be covering my position right now personally, but that's just me.
Happy trading
-Sherem
This chart I just posted compares BTC to BTCUSDShorts. It's self-explanatory really, we are at all-time high short exposure. More people have been short now than almost ever before. You better believe that any new person that is short is very nervous right now if we break higher. So, if we do break higher, how high could we go?
1st Stop 7.2k - We are already really close to this
2nd stop 7.5k - Trendline and support point
3rd stop 8.5k-9.5k area - Trendline and major resistance.
For this final area to break, I think will take some time and sideways movement. Hard to say exactly how it would break this at this juncture
After that, we go to 11k area.
If we break this recent 7.2k high, I think we are going to test 7.5k rather quickly. If you are short you gotta be wondering, while everyone is calling for a strong bounce after it tests down to 4k. Is it worth holding on that long risking a break up first, resulting in you either get margin called or losing money? I would be covering my position right now personally, but that's just me.
Happy trading
-Sherem
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If we zoom in here we can see that BTC is coming down to test this $7,000-7,200 support level. Expect strong support here and continuance up from this level.
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Well, the trendline I drew going down go hit perfectly and we moved down off it. unfortunately, we didn't move back up from that support area I mentioned. But anywhere in this channel can act as support. Ideally, we want to find a level of support in this channel and break that trendline. If we have a solid confirmed break of 6k, we could go down further.
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We're hitting this up trendline and looks like we are going through it at this moment. If we go sideways or get a confirmed break from here we should move higher.
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*hitting this trendline (not sure why I put "up" in there)
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A major fight at this level. It will be interesting to see how this plays out.
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Chart update:
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chart update:
Oh, if my analysis helped you please smash that like button and let me know. thanks.