Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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BTC has proven to respect the 200 MA on the 1D chart and 50 MA on the 1W chart. We are coming up on both. In addition to this, there is a lot of horisontal resistance in the $8700-$9000 area.
I think we might see a bit further upside to the $8330-$8525 range, but after that we are going down to the lower band of the 50 MA to test new lows.
Buy-in: $8330-$8525
Target 1: $5011 Target 2: $4611
Comment
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In regards to the target which is based on the lower band of the 50 MA, I use 1.25 standard deviations.
Comment
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Things are pretty much playing out as expected. Missed the buy-in mark by $27.5, but overall sentiment is the same. Bearish until we visit the lower end of the 50MA 1W containment-zone, which I expect to be 5k-ish.
Comment
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We are now coming up on the 50 MA 1W containment-zone, which is currently at $4982, as predicted. If we don't bounce we could be headed for the 200MA 1W. However, layering in buys at this level is reasonable. If you believe BTC has a future that is.