Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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RSI : bearish trending down MACD: Bearish cross over signal. Net Force Index : Bears are in control of the market. Bounces are shallow and short lived. Pattern: Descending Triangle (bearish). Timeline: expected to continue for 1-2 days. TD Sequential: Perfect 9 - This normally indicates a 1-4 candle reversal, but should be discounted for now.
We are now painting daily candles below the 200MA.
At the same time, Margin Longs and Shorts are at all time highs, signalling a massive war between bears and bulls. At present the bears are winning this battle. This could lead to capitulation by the bulls, and as we know, closing margin longs involves a sell, which would cause further down pressure on market price.
As a result, I'm not going to set any targets for the bottom here, the uncertainty factor is massive right now. I may look for small pushes upwards to reshort.
Major support is at 6k, There is some possibility of a double bottom forming here, but we must consider this to be unlikely with such massive downward action.
Trade closed manually
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so the 1-2 day timeframe played out perfectly, and the TD sequential perfection 9 did cause a reversal to the upside.
The drop to 6k did not happen. This is very bullish, and I am now confident the bottom is in longterm.
The drop to 6k did not happen. This is very bullish, and I am now confident the bottom is in longterm.