BTCUSDShorts charts for June 12, 2018

Jun 12, 2018

As mentioned, the BTCUSD Shorts continue to build ridiculously. We can see the pattern playing out as the previous two times we have had the same indicators at the same point -- the build up, the small drop, then the large drop. All three times have created ascending broadening wedges before falling out of them. The upper is the daily chart while the lower is the 4 hour chart. The latter gives us a much closer look at the similarities in current price movement and price movement prior to the April 12th short squeeze. Notice how we just saw RSI hit a high in the overbought territory while %B dropped out of overbought. This is the same sequence of events that happened prior as well, setting up the squeeze.