Bitcoin Price Analysis: Short Squeeze Imminent as Bearish Pressure Weakens

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Bitcoin Price Analysis: Short Squeeze Imminent as Bearish Pressure Weakens

by Bitcoin Schmitcoin
[youtube https://www.youtube.com/watch?v=Ooarneotke0?feature=oembed&w=480&h=270]

Summary:

  1. Following unconfirmed claims by the NYC Attorney General regarding Bitfinex and Tether’s insolvency, the bitcoin market had a knee jerk reaction that caused us to retest macro support. However, this pullback barely made a scratch on the market structure as we didn’t manage to break our trend of higher lows.
  2. The move was swift, but after a few days of sideways consolidation, the market is now seeing a retest of macro resistance in the $5,300 level. So far, the market has yet to reclaim the broken support, but the move is still fresh
  3. If we manage to close above the $5,300 level, this would mark a very bullish feat for our market structure as we continue to test and reclaim support level after support level. If we can close a daily candle above the $5,300 level, it’s very likely we will see a continuation of the uptrend and test the $5,800s.
  4. At the moment, the short interest is very high and the market seems to be absorbing every bit of ammunition the bears throw at it. As time moves on, we are seeing a high amount of short positions stack up around the $5,300 zone. This sets up the market for a potentially violent short squeeze.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

2019 BTC Inc.
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin19,319 0.08 % 0.46 % 2.00 %
Ethereum1,308.7 0.07 % 1.56 % 0.71 %
Tether1.000 0.04 % 0.06 % 0.03 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB283.64 0.09 % 0.32 % 2.79 %
XRP0.4744 0.13 % 0.50 % 3.12 %
Binance USD1.000 0.15 % 0.14 % 0.18 %
Cardano0.4327 0.03 % 0.26 % 4.46 %
Solana42.12 0.56 % 2.22 % 3.81 %
Dogecoin0.06078 0.09 % 1.17 % 4.10 %

bitcoin
Bitcoin (BTC) $ 19,301.74
ethereum
Ethereum (ETH) $ 1,308.92
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 282.28
xrp
XRP (XRP) $ 0.474594
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.432393
solana
Solana (SOL) $ 32.80
dogecoin
Dogecoin (DOGE) $ 0.06075