Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Currently seeing a Rising Wedge on the macro time frames, these patterns are typically bearish, but could see a breakout to the upside about 30-35% of the time. If we breakout upward your target remains 6200. If we fail downward, there is a support at 5600 which is a daily pivot, there is a also a 4H doji level which will be your failure target at 5455. If that level is broken you have a significant daily HVN (high volume node) around 5200-5300. If that is broken, then look to 4800 as a significant support, unlikely to reach this level. DMI is currently still bullish, but is constricting showing that the trend is weakening.