In my last update, price was sitting just below the $5,350 resistance. I discussed the possibility of a short squeeze, saying should that happen, $5,800 is the likely target. Today we did see an attempt to liquidate shorts as price pushed above the $5,350 and $5,600 resistance, hitting the $5,800 target almost to the dollar.
Even with a $450 rise, shorts remain stacked and stubborn. This leads me to believe we may test $6,000 (and possibly wick above it) to try and liquidate short positions before seeing a larger correction. Daily volume is approaching $20 billion.
Todays analysis is a bit longer than usual. We discuss bullish and bearish scenarios, where my buy targets are, key areas to watch, what the golden cross may mean to short term price action and so much more. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
