Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Laddering BTC asks from 6600 to 6900 and moving stops from previous idea to 7080. Expecting either rising wedge to play out or rejection at around the 7000 level to take btc back to 5k; If we break through resistance with conviction my first long target would be 7.5. Still unconvinced that 5.8 was bottom for btc in this market cycle but would not be very surprised to see a short to mid term rally to the mid 8000s.
Trade active
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S T O P S T A K E N
Comment
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Not liking how the higher lows being created but will stick to current idea; not ideal place for large entries right now IMO. Daily and weekly are still bearish but would really like to see this weekly close to better judge direction and bias
Trade active
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Currently waiting for weekly close for better indication of direction. Added to long hedge at 6550.
Comment
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Some 6300 asks filled; opened a small long hedge at 6200
Comment
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New short position at 6300 has been stopped out. 6700 short still open but has been mostly closed. Good bullish response so far and may long next retrace.