Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Despite this pump today, 200 SMA is starting to trend down after previously supporting price 3 times before breaking below it, now I view it as massive resistance.
In coming days, if price is not able to break above 6800 level, bearish divergence is in play and it would mean that trend change in 1h and 4h charts actually is nonsense, while a massive bear flag is forming once again.
I am leaning towards 7200 - 7600 retest, then drop to 5k, back to 5.8, then panic to 3600.
12000+ level break is bottom confirmation for me, 8400+ break is first indication that bottom may be in.
I believe this logarithmic chart triangle target is very valid, cause no one sees it and it is somewhere between other people predictions.
This is a semi- convincing argument for the bottom not being in, so to speak. The top white trend line is not solid because you selected an arbitrary location for it to begin.
As far as the projection target price for a bottom panic... that does not make sense at levels below 5000. There are crazy number of buyers sitting at that level ready to spring into action.
As far as the projection target price for a bottom panic... that does not make sense at levels below 5000. There are crazy number of buyers sitting at that level ready to spring into action.