BitcoinUpdated The market is being pumped by short squeezes only.
Avoid longing Bitcoin unless you are comfortable being underwater for the next 10 days. Wait for 36k break and hold.
I thought eventually the short squeeze could lead to real demand but no. In my memory not even 3k consolidation was this bearish.
Once the supply run is over we should head to ATH. Until then avoid longing. Miners have been getting rid of their stockpiled Bitcoin near ~40k to cover their expenses/pay for holidays in China.
Once they finish selling we can go on without them.
I thought eventually the short squeeze could lead to real demand but no. In my memory not even 3k consolidation was this bearish.
Once the supply run is over we should head to ATH. Until then avoid longing. Miners have been getting rid of their stockpiled Bitcoin near ~40k to cover their expenses/pay for holidays in China.
Once they finish selling we can go on without them.
Note
There should be a couple of moves up but I'm going to play it safe and avoid longing until selling stops.Note
Cannot resist.
While I am no longer a permabull, this looks ripe for a pump.
Also, we are approaching strong support at 33k.
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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.