Bitcoin Reversal: Anticipating Upswing, Potential Short Squeeze?

27 Oca

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. https://www.tradingview.com/x/BMbU8POl/
• The 3-day chart touched the lower Bollinger Bands, and the candles display elongated wicks, suggesting buying activity and a potential reversal point. https://www.tradingview.com/x/eqJbXpLF/
• The 12-hour chart displays a MACD crossover and RSI in oversold territory, supporting my bullish outlook. https://www.tradingview.com/x/ybhobwhE/
• Closing the weekly candle above $41,331 would be a significant and powerful move for BTC, highlighting the strength of the bulls 💪https://www.tradingview.com/x/JFsGNb6H/