BTC Short Squeeze Target

There is a short squeeze building on Bitfinex that will ultimately send price above 1200.

There are nearly 21k BTCUSD shorts on Bitfinex, ample in size to produce a large push into the 1200's.

Also of note is the difference in cost to hold longs vs shorts with long margin rates very attractive at these levels with shorts not so much.

The most notable level to watch this unfold is price over-taking the boxed area in the chart between 1030/1050.

If and when this level gives price should bounce off of 1080/1090 back to 1050 and only on confirmation of 1050 becoming support will this trigger a move into 1200.

I am long from 950/960 as per my last chart and will only close my longs if 1030/1050 build a reversal pattern and is unable to overtake these levels on volume.

Again the larger push is triggered on a break above 1050 and then this price level seeing support.

Good Luck

코멘트:

Covered %50 of my long above 1040 just shy of my 1050 mark.

If we see a pullback here 1020 needs to hold for more up very important level or a large break higher on volume will suffice.

The upper box look to be defended by the remaining bears bottom box hold for more up.

코멘트:

The reason I'm not putting a lot of emphasis on the very top level is because stops will be sitting up there.

From a risk reward perspective there will be new participants looking to short below but as close to the top level as possible and also shorts already open looking to add and defend these levels to average down their positions or simply defend their stops.

Either way resistance will pile in before the top so taking 1050 and holding it shows the bears lack the muscle to defend and the bulls will in all likelihood overtake the high.

코멘트:

For those reading the bottom comments section I wrote about this potential price fractal and why 1050 is so important and also why I took 50% profit.

Wait ans see mode here could go either way.

코멘트:

Quick update traders, levels don't get easier then this pretty straight forward trading here.

Still holding 50% from 950/960

코멘트:

코멘트:

There is a lot of fib confluence between 1089 and 1100. If we take 1100 then 1130 comes fast and easy otherwise it's all about holding 1070 so expect some chop between 1070 and 1100.

코멘트:

1130 gets hit and is the first key step on our way to 1200 next up is 1170/1180.

1130 shouldn't see too many issue but never the less could chop around this level for awhile.

코멘트:

I have begun to scale out my position as I will be taking some time off to enjoy profits from the last 5 successful charts.

I have cashed out 3/4 of my trade with the last 1/4 saved for 1175.

거래청산: 타겟 닿음:

Target hit, chart completed trade closed manually.

코멘트:

Thanks for following everyone, that's me taking a break now good luck with your trading.

Nailed 5 back to back successful Bitcoin charts been a good run take care.