Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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We had a nice quick pump (caught by 🚀MSTS🚀), we probably took over leveraged shorts in this weekend mambo jambo we are all costumed to.
-retested the 0.382 Fib level - retested descending trendline from the broken triangle formation - perfect short at those levels
Now, are we mooning to 100k tomorrow? I think we shouldn't get ahead of ourselves, but what is for granted is a very good opportunity to short with an excellent risk reward
- The Fibonacci retracements: 1.236 and 1.382 line up perfectly with previous support - Historically when CME is closed bitcoin does not play big moves to the downside - Historically weekends have stop hunts that play in quick succession to both sides (big bois playing the small fish). - This pump gave a nice reset to indicators but at the moment did not turn any to bullish on the 2H+
With this said, a good 2:1 risk/reward short is a great play till next bounce area at 6500$.
Take to consideration:
- Closing 2H candle above previous highs will probably pump BTC up to next resistance at 7800$. - The dump did not have heavy bearish signature. - We still have the ascending trendline from this macro distribution pattern at 7.250$ - Anything is possible, we just have to react to it =)