indicative of some serious buying pressure; we're nearing a significant bottom.
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Open interest is still fairly high. I need it to come down a bit more before I can confidently say we've found a bottom. leveraged longs are opening positions into todays move up; fomoers will get stopped, shaken out, or liquidated.
Some nice long liquidations over these last few days - helps the bull case.
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Short interest is very high, a short squeeze is due - but the question is when? I personally wouldn't try timing a short squeeze, rather just get into a high probability trade setup and let nature take its course.
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i am looking for 18k, but there's a chance we don't get it. if we do get it though, i'll be all over it.
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still rolling with the og double zig-zag for now, but my bias is subject to change if the new data shows me something different.
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ps. it's possible that a bottom is in. will be monitoring the waves over the next few days to get a more conclusive read.