Another BTC Short Squeeze coming? Can we go higher today?
Updated
BTC1!BTCUSDBYBIT:BTCUSDYesterday I took a long on Bitcoin as I saw a short squeeze playing out.
This morning I'm seeing almost an identical situation unfolding. Massive market shorts opening at a weekly support and at the lows of the candles.
If we have big demands for longs turning up, we will see over leveraged shorts closing up and a possible move up above current resistances.
I take you through the scenarios that could play out and what to look out for.
I'm still in my long trade from yesterday, with stops in profit.
BTC will also move with the traditional markets. If the ES pumps, so will bitcoin, so be sure to keep an eye on that asset.
Keep good risk management in your trades!
Not Financial Advice. DYOR. Papertrade before trading with real money.
Hope you have a profitable trading day!
Shawn
Note
Got the retest of the weekly as I mentioned in my video. Out of my long. Missed the short from 19535. Waiting for lower for a long opportunity
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