So, what do we see.
The price went down a bit to shave off the shorts in the area of 72K. I was really waiting to see 73K, BUT!
Liquidity at this level has been intentionally left - which means we will fly higher! Exactly higher! Why?
Because at 73K there is a very good pool in the form of short stops, and their forced closure (which means market purchases) will drive the price even higher - into the zone of 80K +
We retraced to 65K, as I previously assumed.
Why? Because that's where the stop orders of long traders were, who entered after retesting the lows.
New short traders are currently piling in - this is good. It’s fuel for growth👌 Their target is 50K, but it won’t be that easy 😁
Here’s a brief scenario (MY PERSONAL OPINION, I remind you, this is not financial advice, conduct your own chart analysis!)
1. Manipulation (Squeeze down): A sharp spike to the zone $60,000 – $62,500. This is necessary to:
✅️To knock out the 'early' long traders who have already entered in hopes of a reversal.
✅️To provoke even more shorts from those who believe in the 'march to 50k'.
2. Reversal and Short-squeeze: A sharp return above $66,000. As soon as the price stabilizes around $69,800, a chain reaction of closing shorts will begin.
3. Flight to the target: Breakthrough $73,000 on impulse. Considering how much energy has accumulated in the current sideways movement, we can 'fly' through this level and move towards the first serious resistance zone — $80,000+
Share your opinion, what do you think about the current situation?