There are 4 probably paths for development of BTC! 2020/5/30-2020/6/1 Strong short-squeeze is coming!

2020/5/29 Now! This is wave 5 of BTC (Wave theory)

2020/05/29 (Friday)
#Technical Analysis of BTC(D)

5/28 The bulls push BTC price back to the ascending channel temporarily. When the price rise to $9620, the decreasing volume attracted profit booking from the short-term traders.

Currently, there are two probability for the corrective target of wave 4, $8150-8200(0.618) or $7200-7280(0.382).
If bulls able to keep the price above $8150-8200(0.618) or $7200-7280(0.382), the target of wave 5 is $11600.After completing the wave 5, BTC pair will go into corrective wave A,B,and C.

MACD indicator indicate that the column below the zero axis has begun to converge, the fast and slow lines will form the golden fork above the zero axis, and the KD indicator near to 50.
The key point that bulls challenge $10000 is still the price/volume, volume should be replenished.

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On the other hand, Long/short ratio is 0.81, that means fuel of short squeeze is enough. Hence, after recent correction, there has opportunity to performance short squeeze again.


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2020/05/29 Trader Yu-Shiuan Chen [TW]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Yu-Shiuan Chen, 東海胖玄
#Analyst of Cryptographic Currency
#Trader,
#Salesperson,
#Administrator of Taiwan Biggest Claw Machine Clubs,
#Boss of Claw Machine Shop,
#Author, the First Technical Book of Claw Machine in Taiwan (The Basic Skill and Future Development of Claw Machine)
#Taichung, Taiwan
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