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RE: Bitcoin Technical Analysis: RUNNING OUT OF GUPPIES
It's an interesting situation and not as simple as it appears. Yeah the price is toeing the resistance line - on Coinbase. Switch to Bitfinex and it obviously shoots way above it. Look at Binance BTC/USDT and it's once again well above the line.
The guppy rallies is certainly correct, well called. The actions of the shorts does not surprise me, though I am a bit surprised that longs dropped so much and stayed there.
Thanks BB. As far as this last spike, I feel it's fairly simple. Many people ran from Tether over fears of collapse. That means they converted into BTC, which (along with a major short squeeze) caused the spike. That brought in other buyers, which kept the price elevated...even though it almost immediately corrected significantly.
I'd avoid Bitfinex (and analyzing Tether pairing) for the moment until this settles down. I do think we may see another squeeze if longs stay stagnant and shorts continue to rise. Should be interesting.