A move to $5.5, which could happen naturally, would trigger a short squeeze to $6...
While the same exists in reverse, what concerns me more is the risk. The bitcoin price is ready to go up, sure, but the bulls can't play until the bears are satisfied. Indicators are extremely close to trigger a sell signal...good time for someone to rally, but it'll cost them around $120k to push that trigger. The trigger down is about half that, and since sentiment is bullish (I think), it's a very juicy path downwards.
There's a proper long term upwards support down at $3.5...the one we're at now is just make believe imo. I think the real price of this huge triangle we're in is around $4.50-$4.60.
EDIT: I must admit though, there is some weird stuff going on. Volume was extremely low yesterday...every time it's been that low in the past 3 months it's been followed with a dump of epic proportions...except this time...eerie.
