Bitcoin Dump and Pump Phase – Euphoria for Bears
Awgal posted an interesting chart on tradingview that explains the whale cycle well based on the btc/usd pair. However similar patterns can be observed with other pairs as well.
The image is pretty much self-explanatory
Signs of a great short squeeze:
- Slow accumulation of short positions
- Quick shorts volume spike
- Sudden price drop
- High Volume ask wall
- Ask wall disappears
- Bid wall appears
- Accumulated shorts start slowly to bleed out
At the moment the best bet is to accumulate slightly under the support line. We have had a triple bottom which is a good sign.