Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Bitcoin has had an amazing recovery.
62% up from the rejection point, what a ride.
Up to the 3 hours most indicators (Market Sniper Trading suite) are pointing to a pump. The divergences also point towards continuation, and we are forming a symmetrical triangle. Now, enough of BullHopium! Reality is the larger timeframes set the trend and trading is about reacting not predicting.
The higher timeframes show a completly different story: 1) We are, in all metrics, in a bear market. 2) The strongest trend defining metric is pointing towards a drop. 3) Daily - 4H is showing alot of bearish divergence and over other 5 indicators ate pointing towards the same. but let us not forget the lower timeframes point, not only that we have a pump incoming but also that the trend is strengthening to the upside. 4) Flipped my long at the 4H 200 EMA (6900$) and will hold said short untill: A) We break the triangle formation to the upside and hold a 2H candle above it B) we break the formation downward in wich I will look to increase the position.
Let me be clear, we are showing quite alot of signs of a possible pump. but, again, higher timeframes set the trend and until they change I don't.
Comment
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Forgot to mention: the wicks are rejections of the 2D 21 EMA, which point to the usual bear market Retest and rejection before next dump. symetrical triangles usually break at the 60-75% completion and we are past that. next big move should unveil in maximum 11h:30 (Never put a timestamp on trades xD)
Comment
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Bitcoin is breaking out. tought it seems more like a fakeout to get all algos on buying side will leave a stop buy above previous double top and ladder orders at 7400$ 7650$ and 7800$, with 7800 being a flip into short. After 3 weeks of 48h days and 12h sleep inbetween I think I will fall asleep at the keyboard. will try to wait for confirmation, but my body is saying i cant handle another 2hs for this.
Trade closed manually
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we had and retest and bounce in the RSIs EMA as in every pump since the crash. WIll take this as a sign, buy, leave the laddered sells and short and GO TO BED