Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Bitcoin has massive wicking. This hasn't happened since early 2018. When these wicks happened in early 2018, BIG moves were associated with it. Every dump is being bought up, UNDER massive support. Every pump is being dumped, ABOVE massive resistance. The trend is your friend. That means ... DOWN. Bitcoin is being held in place, in a very calculated manner, since we dropped. ...Why? Especially when we have Mr. Big Bad Inverted Head and Shoulders. (IHS patterns typically occur when an existing downtrend has 'lost' momentum) (Key word 'lost'. Haha. Ya.) This is futures for you. However, futures need to profit... So, which direction do they go? Well, according to my friend lines, this is it. We break either of them and you can trade accordingly. Up, long. Down, short. ez.
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More evidence to the long scenario.
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.618, downward channel trendline, and minor short-term bullish trend line from the bottom. Confluence?
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Updated. If the retest of the downward channel trendline breaks with momentum, this is a short with huge RR.
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If 'The bulls' can hold this price point, almost exactly, we're gonna complete that IHS. Mind you, I'm one of the absolute biggest skeptics of that pattern completing. These trendlines are important. Whichever direction they choose, with volume, will be the direction we go. 30m showed a nice fat hammer.
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As my favorite author states; "The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity." "multiple different indicators and confluence factors prior" Confirm an hourly below that downward channel, and down we go. If we do not go that far, however, we're going to pump. Hard.
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Within seconds of that last post. FeelsGoodMan. pumpy time
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Fair warning. On the macro timeframe, we may re-test the low and have bullish divergence in the RSI. Do not short if you see higher RSI on the macro.
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Finex recently was able to push through the downtrend resistance. This is a buy if this next hourly candle close is above the downtrend.
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Not positive, but I'm pretty sure market makers are testing demand. We're passing with flying colors, if that's the case.
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If they break with momentum, it's a trade.
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Short-term minor bullish trend line is broken. This is not the first time it has happened, however. Look to $3,800 for support, it has confluence with the 0.5 fib from this entire swing so far. The .618 is located just under $3,700. If the 0.5 fib or higher holds support, enter a long and set a stop for below either the .618, or the .786, depending on your risk tolerance.
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Wrong chart. On Bitmex, look to the 0.5 at $3,680 for support. Past that, $3,550. If we break below that, set your short and kiss Bitcoins price goodbye.