Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Bitcoin daily has now fallen into a extreme bearish pattern seen back in November 2018 and September 2019
The basis for my bearish thesis is based on three key features 1. The triple mcginley dynamics 2. Volume on the daily time frame utilizing heikin ashi 3. the LSMA overlay oscillator
1. The current daily trend (heikin ashi) has fallen below three key Mcginley dynamics, showing us a bear trend continuation. the lsma is also flowing downward showing a lack of support, historically the lsma tend to be good be break outs and break downs. It is the big black moving average. the McGinley are thinner blue, orange and light blue. https://s3.tradingview.com/snapshots/l/l700qWJO.png
2. September 2019 had a similar pattern with its mcginley dynamics on the daily heikin, along with a similar pattern with the LSMA 50 overlay oscillator https://s3.tradingview.com/snapshots/x/Xhqw4t2y.png
The volume for each of these three charts as you look on the bottom has been in a consistent downtrend, this is bearish. When ever the volume goes lower why price stagnates is a VERY bearish sign
Bitcoin will experience a further 30-40% drop by MID july
Comment
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an unprecedented tweet from elon may have potentially put this dump on hold
Comment
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Dump back on track, This was a small fake out for the death cross, 12hr btc heikin ashi now ALSO approaching massive bearish pattern similar to NOV 2018 and SEPT2019