Hello Patrons and guests! On this episode of the podcast, we dive into my thoughts on Bitcoin (BTC) and why I remain short even though I’ve sustained losses. Here’s a bullet list for the readers:
1. The large move up was pure short squeeze.
2. Too much whipsaw and consolidation following the pump.
3. A simultaneous increase of 8% in short positions on Bitfinex and 2% fewer Long positions.
4. Each time price wants to drop lower, it gets pumped back up just enough to get in a higher liquidity area, which reels like artificial timing to me.
5. There’s now a greater risk/reward ratio for big players on the short side following the short squeeze, not the long side.
6. The higher and longer we remain up around $8200-8100 the more lucrative a short position becomes for big players – who need time in consolidation to start accumulating short sell contracts (we’ve discussed this sort of thing before).
7. A distinct lack of volume following the short squeeze.