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joerivdpol

Bitcoin Reversal: Anticipating Upswing, Potential Short Squeeze?

Long
Bitcoin (BITSTAMP:BTCUSD)  
joerivdpol  
BITSTAMP:BTCUSD   Bitcoin
Trend Analysis Technical Indicators Chart Patterns
1
0
trendanalysis indicator chartpattern
My current insights on the BTCUSD market:
  • The 0.618 Fib is once again acting as support, signaling strength from the bulls. A short squeeze might happen soon, as it aligns with 'max pain' scenario.
  • If this support level doesn't hold, we might see a dip towards 36K , marked as the 0.786 Fib.
    Weekly chart suggests this possibility, although i'm leaning more towards an upward trend now.
    snapshot
  • The 3-day chart touched the lower Bollinger Bands, and the candles display elongated wicks, suggesting buying activity and a potential reversal point.
    snapshot
  • The 12-hour chart displays a MACD crossover and RSI in oversold territory, supporting my bullish outlook.
    snapshot
  • Closing the weekly candle above $41,331 would be a significant and powerful move for BTC , highlighting the strength of the bulls 💪
    snapshot



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