Over these past couple days the big story has been the short sellers being at an all time high on Bitfinex. Historically we have seen a huge squeeze when the books are the unbalanced and I do not expect this time to be any different.
With the overall market being so bearish I am still being extremely cautious and will be waiting on the sidelines for further confirmation.
I need to see a daily close above $7,750 before looking for a bullish entry. That would break the longer term bear trend and confirm the falling wedge that started on 3/5
We are currently testing the 50 day moving average for support. If that holds it would be a very good sign for the bulls.
We also have what looks like an Adam & Eve bottom. Hopefully all of these factors can give the bulls the momentum needed to turn this thing around!
Happy trading and remember that following is free!
With the overall market being so bearish I am still being extremely cautious and will be waiting on the sidelines for further confirmation.
I need to see a daily close above $7,750 before looking for a bullish entry. That would break the longer term bear trend and confirm the falling wedge that started on 3/5
We are currently testing the 50 day moving average for support. If that holds it would be a very good sign for the bulls.
We also have what looks like an Adam & Eve bottom. Hopefully all of these factors can give the bulls the momentum needed to turn this thing around!
Happy trading and remember that following is free!
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/