Largest daily move since 7th December. Start of next bull run?
Large breakout move today from its narrowing range between 2 key median pitchfork lines (triangle formation) triggered a huge short squeeze (red line showing number of shorts on bitfinex). A short squeeze is when price runs through a key resistance level liquidating short positions. As these positions liquidate it drives price higher in turn liquidating more shorts in a ripple effect producing large moves in a very short time (Today we moved 16% in a 1 hour period). Initial resistance is right on this level around $8k, targeting higher towards 50DMA, then previous march high which will coincide with topside pitchfork line & 23.6% fib retrace of december-feb lows. First support around the 61.8% fib retrace of entire range, key lower support is where the median pitchfork lines intersect.
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Tentative break of 50% pitchfork line. 3 areas of resistance noted on chart (circles)
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