Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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We are at an incredibly significant crossroad in the history of Bitcoin. Where we go in the next few days to weeks will have long lasting implication for BTC and the Crypto market as a whole. A few missteps and we plunge into a multiyear bear market. Right now, the test rests on the solid orange line. Cross above it and we get to live another few weeks and trade range bound within the parallels. Failure to cross above the orange line will lead to an immediate drop below our previous low, 6000 will not hold.
Comment
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if we drop below the pink dotted line, then we drop hard
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the bottom of the ascending channel - aka the pink dotted line has been breached. This also completes a head and shoulders and it means that we're about to free fall down to 6000, where we might pause to take a breath.