Husain_Zabir
Short

Bitcoin #XBT forming a dangerous pattern

BITMEX:XBT   Bitcoin / US Dollar Index
hey guys welcome to #XBTUSD update, as you can see from charts we're forming a dangerous pattern ending diagonal along with negative divergence in small time frames. we've already seen huge spikes in prices from last few weeks, and thing to worry is that Bitcoin bulls are not showing anykind of a healthy retracement to support levels, rather than that prices just kept higher and higher parabolically.

we've already seen in previous analysis that we're in wave 5 and this kind of ending diagonals normally occurs in the end of wave 5 creates a trap to attract more fomo and makes an illusion of even more parabolic growth. ending diagonals are made of 5 inner subwaves with 3-3-3-3-3 formation, and at the it creates a false breakout in trends direction than quickly reverses which results huge sell-off's and the beginning of a corrective wave.

meanwhile we are also getting bearish divergence in RSI ,creating lower highs with higher prices, indicates lack of strength in bulls. finally we could see the rally could hit upto 11600 which is previous highs of feb 2018 and also fib50 in weekly chart, there's a very strong resistance from this level, if bulls will get succeed to break it than next level could be 13500.

will go short from 11500-11600 with a tight stop loss of 11800 and low leverage.

Buy #XBTUSD from 11500 - 11600 with 5x of leverage

T1 11050
T2 10600
T3 10000

SL 11800
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