Is this the last bottom for Bitcoin?
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Here I'm doing what I was so successful at in my first prediction months ago:
Draw support/resistance lines and see where they intersect.
This is an attempt at predicting when the breakout will happen.
I have determined in my previous TAs the jump in price we can expect once BTCUSDSHORTS get squeezed.
It is taking a long time to happen, maybe it is waiting for the intersection of the triangle resistance with the horizontal support line?
If so the upward momentum will be so high that it will break the resistance and unless they come up with a big trick to lower the price there is no way we can see another bottom.
Draw support/resistance lines and see where they intersect.
This is an attempt at predicting when the breakout will happen.
I have determined in my previous TAs the jump in price we can expect once BTCUSDSHORTS get squeezed.
It is taking a long time to happen, maybe it is waiting for the intersection of the triangle resistance with the horizontal support line?
If so the upward momentum will be so high that it will break the resistance and unless they come up with a big trick to lower the price there is no way we can see another bottom.
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The yellow arrow really represents the amount I'm expecting to see BTC jump all of a sudden. As you can see this is almost as high as the previous high.Nota
Finally shorts are showing a clear move down.
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It would be very risky to open a short now, I'm guessing there might not be a short squeeze, but the shorts might close gradually. The price will go up.Nota
The ratio of which it has been going up correspond to my analysis. We got one third of the way.Nota
Shorts are going low, lower than the base of the last pump (yellow line on the chart above). This is a real downtrend for the shorts. Which means that BTCUSD won't go lower for the time being. We are going up and we will retest the resistance. With enough potential momentum in shorts to break it!Nota
FUN FACT: At the current rate of decrease of the shorts (draw as a line), the shorts will go back to normals on the same date (4th of September) as displayed on the chart above.
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Shorts went down without affecting the BTC price just in the proportions that allows the price to retest the triangle without breaking it!So maybe it wasn't the last bottom for bitcoin.
Maybe we will go down another time, or two. But the triangle has to end by November.
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Target is 7400 then a bounce down.Nota
I'm practically certain now that this wasn't the last bottom.Nota
4th of September looks like a credible date for the test.Some people are shorting more, already. Maybe they don't know how to draw a resistance line?
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BTCUSDSHORTS is getting mad. Some people will argue that this is the proof my shorts based analysis is wrong, because the price didn't go down this much. But I never said the actual volume used in shorts was moving the price. Just that this was a sign.How do I interpret this huge surge in shorts?
This is like a crank and might propel us above the resistance on the 4th of September. That's a really weird move because we are not going down before a few days, so now a short squeeze is possible.
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Disclaimer : I'm, not a whale, I'm not controlling the markets. My predictions come true only because I'm good at it.Nota
Is this the test I have been waiting for or is it going slightly higher? All I know is that a short squeeze is possible.Nota
So they want another cycle... So boring.See you next month!
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