Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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The daily support of 11.5k has held!
The lower timeframes tell us that it is likely for btc to go back higher!
Buy area's 11.5k - Manage risk at 11.5k area.An hourly close below this, would mean btc is headed towards 11.1k - And it would be wise to buy there as well! Dont short the strong uptrend yet - unless there's a clear sign of change in the trend!
Comment
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Price is at 11.1k area. Watch the price closely, Hourly bullish divergence suggests price will go back up! Breaking off 11.1k area on the daily is bearish!! But i am biased towards an upwards move RN!
Comment
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As predicted price broke 11.5k, tested 11.1k area, then bounced up to ~ 11.8k.
Now it is tricky - We have two options.
1. Take profits and call it a day. 2. Get greedy hoping this move will go on to have more. I have been long from 11.3k area.
My idea is to take some profits along the way at key resistance levels. The volatility of btc makes this very hard to trade cuz you never know at which moment it will drop back. All advice is for people who are using high leverage - 15x and above.
If you were a low leverage trade ie - less than 10x, Ideally manage your position based on the 11.1k area and see where the candles open and close on the daily.
Comment
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Right now, I feel market is in consolidation mode but i am biased towards an upward thrust and continuation of the longer term trend - WHEN it will happen is the key question!
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Still consolidating. As long as 11.1k holds on the daily don't be bearish!
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On the event btc closes below 11.1k on the daily - it is time to start looking for shorts.