Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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After nearly a 40% drop from the retest of the bearish pennant at 10k, Bitcoin is now setting on the trend line that supported the 6k level back in 2018.
So far, BTC has actually broken below this level, and has since seen roughly a 10% bounce so far putting us back above.
However if history repeats itself, which it often does, this historic trend line should provide ample support for a bounce.
As many of us know, this market tends to move sideways for some time after a significant move. Therefore I am expecting BTC to hover within the painted triangle above before deciding on a direction.
With us sitting just above this major trend line, my bet is that we will be moving up for a retrace.
Therefore my current trade is the following: Entry: $7000 Target 1: $8500 Target 2: $9600 Stop/Loss: $6500
Be sure to check out my idea on why I didnt think the 40% daily was bullish: