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With Bitcoin shorts at an all time high the market is prime for a short squeeze, similar to the Bitcoin short squeeze we saw on April 12 earlier this year. However, there is also an outstanding Bitcoin ETF decision (Proshares Bitcoin ETF) by the SEC scheduled for tomorrow. If this fails, then Bitcoin's price could start plummeting, exacerbated by the Bitcoin shorts. If the Bitcoin ETF is approved, Bitcoin's price could see a resurgence, coupled with the impending short squeeze.
So we are definitely at an impasse, the likes of which we haven't seen on the Bitcoin chart in years. For those day trading bitcoin, these are definitely dangerous levels as there is a literal fork in the road. For those wondering how to short Bitcoin, I am planning on doing a video on it soon...but shorting Bitcoin when it is near 2018 support levels is not a great idea in my opinion.
#bitcoin #bitcoinetf #bitcoinshortsqueeze