BTC short term TA for the day.
I was surprised to see btc drop below $6530 last night, which is I why you should always look both ways before crossing the street
things change all the time. In this case the bulls lost steam. We can see the support held at $6440 the move up was starting to look
like an ascending triangle indicating a bearish continuation, but the move exceeded %80 percent of the move down so I ruled it out.
I will be watching the support for a bounce as a entry point, or if it breaks through a bearish/ sideways market can be expected for a day or two.
I think a break through $6530 is probable indicating a continuation of the bullish market.
I was looking at the BTC shorts as well. Based on the last two increases in shorts, and dumps shortly after, I believe we will soon see a 30% - 50%
decrease in shorts and the consequential short squeeze to give the bulls a nice boost up.
things change all the time. In this case the bulls lost steam. We can see the support held at $6440 the move up was starting to look
like an ascending triangle indicating a bearish continuation, but the move exceeded %80 percent of the move down so I ruled it out.
I will be watching the support for a bounce as a entry point, or if it breaks through a bearish/ sideways market can be expected for a day or two.
I think a break through $6530 is probable indicating a continuation of the bullish market.
I was looking at the BTC shorts as well. Based on the last two increases in shorts, and dumps shortly after, I believe we will soon see a 30% - 50%
decrease in shorts and the consequential short squeeze to give the bulls a nice boost up.
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