Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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XBTUSD 4H formed some nice trading ranges (TR) to play with. I am looking for shorts at the top of each and longs at the bottom.
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Forgot to say that the purple isn't a trading range but a possible range. Depending on the current 4H close, price might try to touch the top of the green or the bottom of electric blue.
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The potential bull flag played out. Waiting for the next 4H to close in 1:40 min. I layered some shorts, at 4150, 4250, 4350 to protect my 3800 long. A close above 4120 will lead to 4260 short term, when I expect 4H candle to close below 4260, may have violent higher wick. If we close above 4260, we may touch the 4560 zone. These thoughts are valid intraday, or max 2-3 days. Will update on reaction, when next TR is formed. If we get rejected now, 4000 will be tested as support, if it holds TR will be 4000-4200, if it breaks will look at 3780 and 3630.
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Higher time frame (1D). These are the levels of importance right now: tradingview.com/x/9o9W2wK4/(colored squares are from 4h trading ranges). Also, we had a nice hammer (bullish candle) - every dip below 3700 was nicely bought.
At some point we will test 4500, 5500 and 6100, it may happen from the first try (soon) or after some months. All depends on reaction at every resistance. Thus there are a lot of shorts, so we might see a short squeeze - be aware, put stoploss to protect your funds.