Sometimes, when we publish or analysis, things go wrong. More often than not, things go in our favor, and we are able to draw a profit form the markets buy setting up against either side of action and crossing our fingers. Every so often, things go exactly to plan. Yesterday afternoon, we got the latter. It came at a welcome time, as well. We’ve had a pretty tough week in the bitcoin price this week, with action initially remaining relatively stagnant and then going on to chop us out of a few short trades. As we always say, however, best to stick to the strategy and its rules – otherwise maintaining a strategy would be of little use.
So yesterday afternoon, having traded sideways for a few hours, post-decline/recovery that we discussed in yesterday’s analysis, the bitcoin price broke to the upside and buyers sustained the run to immediately take out our target. We mentioned, again, as part of our analysis, that a short squeeze could come into play – and it looks as though this may have been what happened.
The bitcoin price topped out at 391.88 – levels not seen since we broke below 400 early last week, and has