The 4hr candle did close quite bullishly and has made me a bit more confident that we will see an upward squeeze, due to the fact that it is nearing the downward slope resistance which is right at the $8.05 level. I give this a 60% probability of going up due to what I mentioned before. We are not really making significant higher lows enough to convince me that we are 80% going up.
Basically, we are getting lower highs but the bottom keeps getting retested. However, this triangle is also resembling a "descending" triangle which is a bearish pattern. Because this triangle formed after an accumulation period, I am inclined to call for upward continuation.
They do not deserve the tendies that all the bullish traders will eventually reap from their patience.īasically, by means of technical analysis we are nearing the end of this triangle. It is basically short sellers getting REKT for being pessimistic a**holes. A short squeeze is a beautiful thing to witness. Sellers will eventually have to cover once the price rises enough therefore producing a massive SHORT SQUEEZE. Why do I say that? Because once sellers are out of the market, only buyers will be left. Everyone who wants to short needs to short NOW. Everyone who wants to sell needs to get rid of their stock by means of borrowing margin, thereby "shorting". The longer we get a STABLE consolidation, the harder and more sustained an uprise will be, simply because we have spent a lot of time distributing and accumulating. It is literally a battle between the bulls and the bears. Basically, this price action is very normal and healthy. This range has caused a lot of confusion and anxiety among bullish $AMC traders, holders, and investors alike. I added to my position at the price of $8.02.Įver since I added at $8.02, the price has been drifting between the mid $7.50 and the mid $8.50 level. In addition, my biggest position is at $5.66. This is a DETAILED analysis of $AMC based off of everything that I have learned throughout my years of trading crypto, forex, and stocksĪs many of you may know by now, I called the rise from $5.50 to $10.90 based off of classic Wyckoff accumulation pattern that I noticed.
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