There has been a lot of hope around Celsius token
CEL regarding a potential short squeeze. The hype around it is coming from retail traders to "save crypto". Although Celsius has gone bankrupt, the hype coming from retail traders is to create a Game stop like squeeze. When looking at the chart, CEL has been in a concurrent downwards channel because of the negative catalysts Celsius has faced. But for exactly a month, a flag consolidation pattern has been forming. When this type of formation occurs, it means there will be a massive movement to the upside or to the downside. The recent consolidation has been more flat because of the recent buying pressure against the short pressure. If we break the flag pattern upwards, we will see a breakout but if its towards the downside then we will see CEL price action follow the downwards channel. it will be interesting to see if the retail buying pressure continues or dies off.Stay safe and be smart traders.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.