BitcoinLong
$BTC
BTC There are a few things in particular I am looking at on this chart. We have a confirmed bullish swing failure pattern (price took out stops below Feb low but closed above Feb low), unconfirmed bullish divergence on the daily, and we closed above a crucial support. I am also taking note of the amount of shorts stacking up on bitfinex. Currently shorts are at 29.9k. The last two times shorts were this high we saw massive short squeezes. I expect we trend in this range for a few days until shorts go parabolic similar to what happened in April (shorts went parabolic and a massive short squeeze happened). Holding this support and range low is crucial. Trending in this range for a few days we should see shorts continue to pile up, after which I believe we will see a massive short squeeze and a rally towards 8k. Note that 8k will still be a lower high so the bearish market structure will still be intact, but short term, I am bullish. 
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