Basically the current situation is this.
We have a strong base of diamond hands at around $53-54.
All this up and down price action as of late is a combination of Day traders, Hedge fund fukkery and paper hands.
Day traders and paper hands run it up. Hedge funds start the shorting fukkery, Day traders hop out, paper hands get scared and sell, price goes back down.
What we care about is that we have a strong base and short interest is going up. Utilization is also going up.
Eventually some shorts will cover, which will lead to our next big jump.
Could be tomorrow, could be in a couple weeks.
Instead of watching the daily price movement, you should be paying attention to the stats about short interest, shares on loan, etc. That’s where we gather information about the short squeeze. The daily up and down price movement doesn’t really matter if you are in it for the squeeze.