Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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BTC set a lower low today, but did not yet break 10k. If it does, targets likely are $9600, $9000 and up to $6641
~9600 roughly coincides with the 17th of jun high and could coincide with the vertical support line. ~9000 is the 1:1 fib extension of the first bearish move of the 27th of june and coincides with the high of may 31st ~6650 is the 1.618 fib of that move, coinciding with the high f the 10th of nov
Also important is that the lowest CME gap would be closed at ~8500, they typically close
on target for 11200 wit hthis bullish wedge. Then possibly another wave down to ~9000 - an extended correction like this not only is healthy for BTC going further up, it also is much easier to trade thanks to the clear fib levels and channels forming