Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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After longer study on larger time frames my own assessment suggests that there is more down for BTC to come. NVT ratio (Bitcoin's NVT is calculated by dividing the network value (market cap) by the the daily USD volume transmitted through the blockchain) suggests that Bitcoin is currently overvalued and needs to cool off a bit, market capitalization is not looking healthy and the sentiment around cryptocurrencies is rather overwhelmingly negative - hence we are in a bear market. Without new money flowing in and solid catalyst - try to long this downtrend if you dare.
Trade active
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#whenlambo
Comment
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To me it feels like a normal ABC correction from prior uptrend (8.500) that got heavily rejected. I think one more retest of 6800 - 7000 is possible - which would count as a 3rd subwave of B (ABC correction) according to my EW count. Also it looks like BTC is in the rising wedge. To my view - there is a small room for “up” and a lot more for “down” afterwards.