Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Bitcoin took a nosedive and currently we are sitting on the Major Support - Strong Horizontal level + 0.5 Fib + High Volume Node on VPVR + EMA200 on 4h
BTC 4h chart We’ve hit the EMA200 for the first time since the parabolic move started in late January and this first test was bought up nicely leaving a long wick below it, which is a good sign, + potential bull div on the RSI.
On Feb. 8 I pointed out this upward channel on the 8h chart. Here is that idea
What’s concerning it that from that 8h projection things do not look good at all. We broke down the channel, re-tested it and now making a lower low => bearish
We officially had the Golden Cross a couple of days ago and that fact pretty much encouraged the bulls, however
Historically speaking, longing Bitcoin right after a Golden Cross (or shorting right after a Death Cross) has not been good short-term trades, because the market did just the opposite
Conclusion: it’s all about the Major Support (9.3-9.5k). It’s a strong confluence of support and if we break it, sub 9k prices here we come. However, as of right now, it looks like a pullback into the Golden Cross, which is potentially a good buying opportunity, especially with the halving around the corner.
What do you think about it? Share your thoughts in the comments!
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