Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Price has reached reversal zone, various harmonic patterns support short term correction, as well as price is at top of parallel channel.
Indicators supports potential downward movement VPCI,MACD shows bearish divergence. Rsi, Stochastic in overbought zone. MACD histogoram is also decreasing.
IF price breaks out Red line, this could be confirmed Rising Wedge pattern.
We have to look carefully, if price is supported on black line, the previous downtrend line.
Short here has good Risk Reward ratio in my opinion.
Target 1: 8367 (0.236 of impulse wave),( support line of parallel channel) 50% of position will be closed here Target 2: 7796 (0.5) Target 3: 7200 (0.786) Stop loss: 9040