Probabilities of a short squeeze are vanishing

On the TA side:

• BTC just broken the ascending triangle
  
• RSI trend is broken
  
• EMA 5 (4h) crossed EMA 50 (4h)
  

On the news side:

• The ETF of ProShares will most probably be denied by August 23rd while people sill hope for an approval
  
• There are still too much optimism in this bear market making me think we did not touch the bottom
  

I closed my long position opened during the ascending triangle but I am not taking a short position until the official decision of the SEC on the ProShares ETF.

There is still a chance - that I consider small - that a denial of the ProShares ETF will have no effect on the market and trigger a short squeeze.

Yorum:

A short squeeze is still possible but BTC will have to break an important resistance level @ 6900$

Yorum:

No short squeeze finally


Short positions on Bitfinex

Long positions on Bitfinex

İşlem elle kapatılmış:

I closed my trade at least temporarily for the reasons mentioned on the graph below