Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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I am confident that PA is going to continue coming down and test one of these levels of support that I have marked off based off of Fibonacci retraces that I have removed, moving averages, and horizontals. I expect PA to bounce and pivot from one of these points of support that i have marked off. I will wait for at least a 4 hour closure above one of these points before I enter the position. I do expect bounces like our previous rally which bitcoin met resistance at about 8462 .I am bearish until bitcoin can break critical levels of resistance and our previous swing high on a weekly level of approximately 9500 to reverse our macro downtrend.
To further my previous idea there is an incoming bearish cross of 10 SMA and 21 EMA which if you look at previous price action, the cross is significant. I showed here the last time we got the bullish version of this cross Bitcoin got a +16.8% rally. On the bullish side of things, price action did find support at the 377 and 55 EMA's .