The U.S. dollar has been heavily shorted since early October in hopes for a so-called dovish Fed pivot and looks ripe for a short squeeze, a move higher driven by unwinding of bearish positions. Bitcoin tends to move in the opposite direction of the dollar. origin »
Bets that the dollar will continue to decline have become a popular trade in recent days. Due to the worldwide economic woes, short positions against the dollar have grown substantially over the past four months, leading some to believe that positions could be squeezed.
VeChain (VEN) has just broken out of a falling wedge against the US Dollar as can be seen on the VEN/USD daily chat above. The price has yet to test the bottom of the descending channel it has been trading in since the beginning of the year.
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