Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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We can still keep above the purple trend line that comes from a downtrend channel of 11.5k.
I marked the important lines in black. If we break it, there will be a strong movement and since we couldn't keep the strong upward channel, that means we're going down. (We're still on in the big down channel of the all-time high.)
The volume in the last upward impulses was already weaker.
another thing I have to mention is that the ttm squeeze fired long for 3 and 4 h and we still fall. This is a very bearish sign for me, because the big downward momentum just seems too big, even if you get those signals for long are coming in.
So I'm here short today from 6989.
I keep you updated when I see new important signals coming in
Comment
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this seems just like a test down I added a bit too my short position at 7020
we have a rising rsi wedge. They pretty much always (like90%) go break to the bottom. after that we will see where we land
Trade closed: stop reached
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ignored the top channel test which was on point. I even wrote it. Stop loss triggered with small loss.
RSI broke down but recovered right after. Not the best call on this one. Mixed signs sometimes hard to read.
Trade active
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explains a lot mixed signals and btc barely managed to break out top but it was so weak that it comes right back down. I reopened my short at 7030. missed the good entry above 7100.
Comment
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We are flagging right now between a weak local uptrend and the big weak local uptrend.
Looks good for the short first target is 6920 for me.
Comment
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no strong breakout but we did break the trendline after some work.
So we should get here now 3-4 h sideways action before the reach the red zones. looks still good for the short. So next update in 3h or when something significant happens
@VincentBoudewijn, posting the same one I use for my scalpes in the ranges. I think there are enough simple charts. All these lines are respected and I know which are the stronger trend lines that emerge so I usually mark them. I think there are many simple diagrams. So if someone is interested in Gann resistance area trading he is right here. :)
Utoko4c
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explains a lot mixed signals and btc barely managed to break out top but it was so weak that it comes right back down. I reopened my short at 7030. missed the good entry above 7100.