Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Greeting fellow traders. BTC has formed a symmetrical triangle on the 4 hr chart with price descending from previously higher prices. These patterns are continuation/consolidation patterns which nearly always continue moving in the same direction from which they entered. I have drawn two areas of support for those looking to enter a long position or to cover shorts positions. We have a recent low from 03/17 of $7305 that could prove support and I have a long term trendline from the highs in December and a recent low coming together at around $5850.
Thank you for the post. I also think $5850 is a good entry for longs. Recently, on CNBC, I saw Tom Lee of Fundstrat say his fund TA guy, Robert Sluyman, wanted BTC in the $5800’s.
I presume Sluyman is highly paid and should know his TA. (You’d think!).
I presume Sluyman is highly paid and should know his TA. (You’d think!).