Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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BTC sitting in Several channels right now. Light blue small time frame heading down bouncing off wall. Then large time frame - two yellow lines. Sitting at the bottom of that symmetrical triangle. Then the mid time frame is more of a sideways channel it's bounced between. All converging here. Need to hold bottom yellow support that goes back to last July...
Comment
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....and we're going right down the light blue channel heading for the red box... the least desirable of all the moves it had available. I expect more consolidation in this 7-7.2k range. If 7k breaks, i think we should bounce pretty hard off 6.8k... the RSI has been at near all time lows for the last 8 months on the 4h, especially for this extended period of time..