Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Hello, dear fellow traders! I know that recently Bitcoin experienced a heavy drop in the price. Now we are all waiting for the bull market but the reality can be worse than our best expectations. Kagi chart can be really helpful in predicting tops, bottoms and trends. Now you can see a so-called Double Window Top pattern. This pattern is a really rare yet a strong indication of market reversal. Two shoulders (shown by arrows) of the Kagi chart are embracing a lot of waists (a circle) which all are higher than these shoulders. Since this pattern has been forming since June, I will use this pattern more as a long-term signal. During the bear market 2018 I found two similar patterns and they both produced a large movement for 2000-2500 USD. I can’t predict the future but we may see BTC at around 6k again. The pattern can be observed on Bitmex, CME, Bitstamp and various other exchanges.
Please do your own due diligence, this is just one of my findings as I’m playing with non-standard Japanese charts.
If you play the market, do it wisely. Thank you for reading this! More analyses to come!
Trade closed: stop reached
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It went down to 7400 but then reversed and swiftly climbed up to 10500. Didn’t work out as I expected therefore closed at 8600. Considering long here if it stays at ~9k