Bear or Bull?
Hi this is not an financial advice and should be taken as educational analysis*
We can see in the graph that there is a probable formation of "Head and Shoulders", if this happens, the short positions will increase. As we can see, according to my Ichimoku configuration right on the right shoulder there is a downward trend change, the first downward change in the whole year, even so, this can be a good indicator, as there could be a big short squeeze raising the price to levels of 60k, in order to continue with an uptrend or sideways. The other possibility is that there is no short squeeze and the price falls to critical levels down to 20k or even lower to 13k-15k. At this time my forecast is neutral, in the short term I see very likely that the pattern of "head and shoulders" will be completed, so a rise to the levels of 42k-44k is likely. If the price of bitcoin continues to remain below the 200-day MA, the head and shoulders pattern would be canceled and we will surely see the price fall and test the most important supports, 30k and 20k. I will be updating this analysis.
We can see in the graph that there is a probable formation of "Head and Shoulders", if this happens, the short positions will increase. As we can see, according to my Ichimoku configuration right on the right shoulder there is a downward trend change, the first downward change in the whole year, even so, this can be a good indicator, as there could be a big short squeeze raising the price to levels of 60k, in order to continue with an uptrend or sideways. The other possibility is that there is no short squeeze and the price falls to critical levels down to 20k or even lower to 13k-15k. At this time my forecast is neutral, in the short term I see very likely that the pattern of "head and shoulders" will be completed, so a rise to the levels of 42k-44k is likely. If the price of bitcoin continues to remain below the 200-day MA, the head and shoulders pattern would be canceled and we will surely see the price fall and test the most important supports, 30k and 20k. I will be updating this analysis.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.