Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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It is easy to see a drop/correction after strong bullish action.
We've seen Bitcoin (XBTUSD) slowly and steadily growing just to produce a strong jump just like we predicted below:
Now that this move has been complete, where will Bitcoin prices go?
Bitcoin (XBTUSD) 4H Timeframe
We have prices still trading above EMA10, which leaves the bullish potential intact but...
We have good volume on the red/bearish candles.
Prices already tested EMA10 and still aiming lower.
If EMA10 ($8639) is broken, prices move and close below this level, we look for lower support.
It is normal to have a retrace after strong bullish action, we call it the "classic retrace".
These are all bearish signals... Not only can we have a retrace but a full correction is also possible.
We are waiting for one final strong drop before the 2020 Bitcoin Halving event so we remain on the lookout.
I am not saying that prices will crash for sure but that we are highly open to this scenario (chart analysis).
When it comes to trading, we trade on the spot. Trading and charting are not the same.
See here our trade for Bitcoin (XBTUSD) since March 2020 that produced over 250%/500%... (Regardless of the chart analysis, we've been bullish all the way)
Now we reached our targets, what will happen next?
Yesterday when it was in the low 8000's and someone said do you see a pull back before 9300 and you said NO, I was apprehensive but you were right again. Thank you.
Why do you say we "need" one more strong drop before bull? Does it have to do with symmetry of the big triangle we are in since 2017 peak?
Thank you for your analysis.
AlanSantana
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@CryptoDann, "Need" surely isn't the correct word.
The last drop is based on many, many signals that I've learned through experience.
By strong drop what you mean? Can it correct to 4K?
AlanSantana
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@nagihatoum, Right now we have to wait and see, we are still bullish.
Only when we see the force/strength of the drop we can start to consider the lower support levels... But before 4K we have to go through 8k, 7k, 6k, 5k, etc.
We remain bullish as long as prices are trading above EMA10.
If prices move below this level, we switch from bullish to bearish.
Namaste.
nagihatoum
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@alanmasters, understand. Thanks.
marketrsh
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Long term still bullish but you saying back to 7400 short term?