Bitcoin is going to show short squeeze!
Hello, everyone!
Last time I saw a lot of bearish mood that the Bitcoin is going to reach $10-12k. I suppose that we will not see these levels. $15-17k is the minimal target for this bear market. But the price now is pumping because of there are a lot of short traders, which have to be liquidated before the dump.
Let’s take a look at the 4h timeframe of the BTCUSDT chart on the WhiteBit exchange. The price broke through the strong level to collect the stop losses of short traders. I was surprised that pump was not stopped at $19900, but it’s ok, there were no any trades. Just observe the market. I tried to guess which wave now is happening on the market. Globally I consider wave 5. More locally – wave 3 inside wave 5. Wave 1 of this wave 3 have been already finished. The current boring flat looks like the the wave 2 which is represented as the ABCDE triangle correction. I think this pump can continue a little bit more to 0.618 Fibonacci level. After the I am waiting for the wave 3 inside wave 3 which will be very soon.
Best regards, Ivan
Last time I saw a lot of bearish mood that the Bitcoin is going to reach $10-12k. I suppose that we will not see these levels. $15-17k is the minimal target for this bear market. But the price now is pumping because of there are a lot of short traders, which have to be liquidated before the dump.
Let’s take a look at the 4h timeframe of the BTCUSDT chart on the WhiteBit exchange. The price broke through the strong level to collect the stop losses of short traders. I was surprised that pump was not stopped at $19900, but it’s ok, there were no any trades. Just observe the market. I tried to guess which wave now is happening on the market. Globally I consider wave 5. More locally – wave 3 inside wave 5. Wave 1 of this wave 3 have been already finished. The current boring flat looks like the the wave 2 which is represented as the ABCDE triangle correction. I think this pump can continue a little bit more to 0.618 Fibonacci level. After the I am waiting for the wave 3 inside wave 3 which will be very soon.
Best regards, Ivan
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