Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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The midpoint of the current down move is showing itself to be the 3779 level - the bar split between two strongly bearish candles (circled on chart). This is re-affirmed by a balance line which fits well slicing through this midpoint (purple line). Looking left, the 3779 level has also recently been an important resistance/support level (yellow line). Taking the recent swing high of 4149 and midpoint of 3779 projects a target support zone of 3408 and below where this current down cycle should end (at least temporarily)