Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Bears have delivered a very powerful rejection from 8.5K down to 6K. I am not expecting the 6K level to break without a dead cat bounce first. I have taken partial profit on my short from 8.2k and opened a small long at 6.1k. My target for the dead cat bounce is between 6.8k and 7k. At that price I will close my long and add more to my short. 5k remains the target.
@jun0s, Yes it was too weak to even bounce. That could mean we get a late bounce or if we break the prior low at 5.75k we could roll over into capitulation.