BTCUSD Bears, We are at DEFCON 1
Updated
*Nuclear Alarms going off*
"ATTENTION, WE HAVE A LAUNCH DETECTION. I REPEAT, WE HAVE A LAUNCH DETECTION. CONFIDENCE IS HIGH. I REPEAT, CONFIDENCE IS HIGH"
Gentlemen it seems that we have a Short Squeeze heading towards us. As usual the greedy bears have opened shorts at the low 6000s. Were they all sleeping when we dropped from 8300?
Bulls are getting ready for pushing the price to end all these shorts.
The BTCUSDLONGS vs BTCUSDSHORTS are at a 1:1 ratio. That is really really bad news.
I would not want to be in a short position at this time. I'd rather hide in my nuclear bunkers and wait the nuclear winter out.
Now I'd like to bring your attention to the radar.
As a reasonable human being, what do you think the next step of our enemies will be?
It's a rhetorical question so don't bother.
Reasons for entering a long position:
The squeeze won't just come out of no where. First we shall have a small drop that creates a tiny lower low so that all the stop orders of longs get taken out and stop orders that start new short orders get triggered. This is not manipulation, it is deception.
Now I'd like to leave you traders with some parting words.
It was an honour serving with you Ladies and Gentlemen. YOU HAVE BEEN WARNED!
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
"ATTENTION, WE HAVE A LAUNCH DETECTION. I REPEAT, WE HAVE A LAUNCH DETECTION. CONFIDENCE IS HIGH. I REPEAT, CONFIDENCE IS HIGH"
Gentlemen it seems that we have a Short Squeeze heading towards us. As usual the greedy bears have opened shorts at the low 6000s. Were they all sleeping when we dropped from 8300?
Bulls are getting ready for pushing the price to end all these shorts.
The BTCUSDLONGS vs BTCUSDSHORTS are at a 1:1 ratio. That is really really bad news.
I would not want to be in a short position at this time. I'd rather hide in my nuclear bunkers and wait the nuclear winter out.
Now I'd like to bring your attention to the radar.
As a reasonable human being, what do you think the next step of our enemies will be?
It's a rhetorical question so don't bother.
Reasons for entering a long position:
- We are close to strong support ranges
- The move down can be broken up into 5 waves down as per Elliot Wave Analysis
- RSI on 4h chart has heavy bullish divergence suggesting bears losing strength
- BTCUSDLONGS vs BTCUSDSHORTS are dangerously high
- A small double bottom can be spotted on 1h chart
The squeeze won't just come out of no where. First we shall have a small drop that creates a tiny lower low so that all the stop orders of longs get taken out and stop orders that start new short orders get triggered. This is not manipulation, it is deception.
Now I'd like to leave you traders with some parting words.
It was an honour serving with you Ladies and Gentlemen. YOU HAVE BEEN WARNED!
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
Note
Previous two charts hit their targets way too fast.
Also I'm going to update my Elliot Wave Count as new price action develops. I'm slightly leaning towards the thought that Wave (iii) just got over and we will see a Wave (iv) correction to the upside. But it is too soon to say for certain.
Trade closed: target reached
It took 8 hours but we got the short squeeze. I hope I was of some service to my readers.I've posted a new chart.
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