Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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We just had a very interesting weekly candle close. After breaking down below 9K BTC has been consolidating in this 7700-8700 trading range. Even though technically the weekly closed above the support line I've established at around 8250, I don't really give much weight to the exactitude of drawn lines on the chart.
What's really important is the price action itself. In this case, last 2 candles are showing relatively big wicks on the top side, indicating a successful major level of resistance.
Still holding a medium term bearish bias and expecting to break below 7k. A daily close below 8250 will be my trigger to start placing bids.
I am effectively out of all my BTC short positions because of an unfavorable evolving risk-reward. The upside on the trade is minuscule compared to the risk in giving up all accumulated profits.
This includes short positions from well before the triangle broke down.