Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Before I have been on the tip of the breakthrough, and before the trend of similarities, for instance, in November 2018, the currency after a month-long shrank after shocks, breakthrough, down below, after a long-term support line appeared consistent trend, futures contracts in long a large number of blowing up, after using abcde5 wave form completed downtrend, eventually the currency fell to near $3200 to get support.
So if we look at the current trend, which has a lot in common with that, it's a long time support line has been broken, and then a contract has been blown up, a one-day drop of nearly 15%, so what's going to happen? Will bitcoin replicate its previous moves?
If we look at the 4-hour chart, because what we see here is a break in the platform, the medium and long term average diverges and the short term short trend is established, which cannot be reversed. After a 15% plunge, out of the sideways, long-short are gathering strength, will then again diving, we focus on observation of the average pressure, if you can't break through the long-term average (ma36, 72), it is completely possible again diving, but look from the current price, it is not a very strong support, so I think the possibility of another 10% down here is very big still, that is to say, if the currency price near to reach $7500 (about 36 weeks of average position). As for whether it will go beyond the waves, we will continue to watch.
Strategy: we first do not discuss whether will go out of the form of abcde, single current trend, certainly can not confirm here has seen the bottom, so do not recommend that we are based on the operation, and have spot before friends, should maintain the operation of hedging, short position friends can be confirmed at the bottom and then choose to enter.