No one could have seen this coming! I walk away from the computer for a few hours and come back to this crazy rally!
Why did this happen?
No one knows the exact reason(s) why BTC could have pumped like this. But one of the things I did notice is that BTC shorts were at their ATH right before this pump. Even though I could not be sure, I did have this gut feeling that something massive will happen. And behold! Some mysterious force liquidated the shorts like they are nothing. This market force could be a group of whales or exchanges. This rally encompassed the BIGGEST rise in price in 1 hour for BTC in its history. By some estimates, ~$150 million worth of shorts liquidated in matter of minutes!
Chart #1 : BTCUSDSHORTS / BITFINEX / 1D https://www.tradingview.com/x/gz5J6bhT/
Are the Bulls back now???
I think BTC is not out of the bear trend yet. This long ass term trend line is the big daddy right now. I want to see BTC break above it to confirm the reversal. From my previous post, I knew something about to happen because of the green triangle that was forming. I picked the upside but I didn't expect it to happen so soon. But with this pump I think BTC lines up nicely with the due date of US taxes.
Chart #2 : BTCUSD / BITFINEX / 1D https://www.tradingview.com/x/5HtLM1Gh/
I can definitely feel the change in the air in the whole crypto community. In the coming days, I am going to look closely at BTC and see if it can break above the bear trend once and for all!
Legal Disclaimer: I am not a financial advisor. None of the words, charts, jokes, and expressions written in this blog post should be read or interpreted as any form of financial or investment advice. It is purely for entertainment purpose only. This is my thoughts and opinions. I can be wrong. I have been wrong and I will be wrong many times in the future. This blog is for you to flame me how bad I am at this and call me out when I am wrong. It's for your entertainment ONLY.