Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Hi guys,
the teal line shows the 50D SMA and the yellow lines are Fibonacci Bollinger Bands (the .618 to be precise). You get them by using the 1.854 standard deviation of the 200D VWMA (or SMA, that's why there are 2 different lines; both hold significant value).
BTC managed to gain the upper FBB as support after it had been failing to break through for weeks. As you can see, the FBB was strong support back at 5.5k, so it holds a lot of meaning at the moment and could serve as support once again. This way, BTC may manage to break higher explosively, approaching 4.8-5k.
The outlook is more bullish than bearish atm, but there is still extreme resistance ahead.