Revenge of the Bitcoin Bulls

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Shorts are at 42,000 a record high meanwhile we are currently sitting right above the 200 Weekly MA. Sentiment is extremely low but we must keep in mind that we are long overdue for bounce and with this many short outstanding and strong support nearby; it makes for a good set-up for bulls.

As of typing we are at $3500, the next rally could easily blow past $4,000 with many shorts liquidated and I think it'll likely happen pretty soon.

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We are up over $800 or 23% in a little over a weak. I'd start to scale out and close the position here. Despise confidence coming back with this rally, I am not confident of continuation.

One needs to keep in mind that the market is still in a long-term downtrend and this move hasn't changed it yet. The one positive caveat is that margin shorts are relative high.