Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Good morning Traders,
after yesterday´s poor breakout attempt and hitting the Daily consolidation support perfectly, we have been pushed back onto the former resistance area (red). What concerns me is the fall below the MA50, which is pointing away from this breaking ultimately upwards. It is fairly possible, we will range here for longer. Monthly and Weekly Pivot are still support, but now in acute danger to fail as well. The longer this takes the more bearish I see this process.
On 240 we lost the strong bullish trend, went out the cloud but are back in now, which is changing the picture a little towards the bears. Still not impossible to jump up, but it will need more effort (demand, volume). You need to be prepared for both directions here.