Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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In my opinion and not financial advice,
Short term:
If we have a 2hr candle close above $8450 we head to 8650-8750. If 4hr candle closes above those levels, we go to $9200.
If we have 2 hr candle close below 8250, we head to $8080-$8120. If we close a 4 hr below those levels we head to 7750-7850.
Long term:
If Bitcoin closes a daily above $8800, we are out of the bearish formation. If Bitcoin closes daily below 7800. We are heading to $6800-$700.
P.S I scan all crypto traders' opinions on the market daily. I take some opinions with a grain of salt and others that I definitely agree with, My analysis is based on my observations and observations made by traders with much more knowledge and experience than I have.
After all, please keep in mind that this is not financial advice, just observations and opinions.
Comment
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As mentioned earlier, IF we close a 2 hour above the mentioned level we would have had a short term move up. It got to 8460 but never closed a 2 hr above that. That’s exactly why in this market it’s very important to remain disciplined and to not rush into trades.
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I don't want to be that person that say I told you so. But the levels I mentioned have been a great way to understand where the market is headed. 8450 we hit 8650 but never closed a 2hr above it, and we hit 8250 but never closed a 2 hr below it. This shows that the levels I mentioned play a great role to indicate where the market will be heading in the short term. Remain disciplined and don't let these fluctuations change your plan.
Good luck
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I don't want to be that person that says I told you so. But the levels I mentioned have been a great way to understand where the market is headed. We hit 8450 but never closed a 2hr above it, and we hit 8250 but never closed a 2 hr below it. This shows that the levels I mentioned play a great role in indicating where the market will be heading in the short term. Remain disciplined and don't let these fluctuations change your plan.
Good luck
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Bitcoin is still trading within the range, as mentioned earlier, for the short term: I personally will be taking longs only if it closes atleast a 2 hr above 8450, or take a short if it closes a 2hr below 8450.
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take a short if it closes a 2hr below 8250*
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Still respecting the support and resistance lines that I've had for the past few days now. Waiting for a 2 hr close to make the next trade
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It pays off when you are disciplined and ignore the outside noise. As mentioned I shorted the second we had a 2hr close below 8250. Still holding the short until further notice