Bitcoin MAJOR updat for BITMEX:XBT by DemKos

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After this big rally we are approaching resistance levels and fib levels which have proven to be significant in the past.
First let's make a case for a possible top at the 11000 region, for a pullback of around 15-30%

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This is price in 2017, clearly we see the price both times got rejected at the 2.414 and 2.618 levels. So because of it happening before it is likely going to happen again this time. Which means hedging or opening a short at around the 11200-11400 price would be optimal

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Now let's pick a bottom target or possible support area for bitcoin

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As we see here in 2017 before the fomo kicked in bitcoin had to pullback to the 50 and 100 daily MA. This all to establish support levels and make the uptrend valid. Because we have not yet seen a correction like this right now makes it more likely it will happen.
When Bitcoin tops out at 11200 first target is the 50MA.

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Smaller time frame: 4H
If you are still hesitant about hedging or shorting without confirmation. You can look at these ltf signals. First the 20/21MA plays a big role in bitcoin, if it rejects the ma it is confirmation of a down trend.

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This is how I played BTC and it worked out pretty well so far. I was in a long from 9000 and had my portfolio in BTC. Went short and hedged at 10800 and bought back after the strong bounce. Then after a rejection of the trendline of the channel I hedged again. Now that it broke through the 20ma on the 1hr I'm looking for a retest and then a downard move to 10200

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Closed all my positions, we are probably going for a double top. Selling starts at 11000.

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So I took a short at 11225 which I closed on the trendline because BTC dips are getting bought up in no time. Right now I'm bullish untill we either break the trendline, new target is 13K

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