Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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The NVT indicator is anticipating a down move in BTC.
We can observe that the recent drop to 3400 has triggered the break of the NVT Trendline that we were monitoring for the last days. That signal is anticipating a near retest of BTC bottoms around 3100 area.
If the test of the lows would fail, then we'd focus on the harmonic targets that sit below 3k area. I've drawn here a 1.27 Butterfly, but there are lower targets that could unfold.
For the next days, we will track the crash of the NVT indicator. The closer we are able to get to 45 area, the bigger the chance that the bottom is in.
Currently, NVT is about 87. We want to get a close confirmation below the trendline.