Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Bitcoin tagged 7.8K USD support, which happens to be the 1st target and thus entered its buy area. {Buy zones can be seen on my previous chart.} Subsequent 4H closes also painted a bullish divergence, both RSI and MACD show the weakening of bears and the market is getting ready for a bounce. One leg lower (or just a spike towards the 2nd target - slightly below 7.5k) is possible though. MagicPoop and other fools turned bearish and since they only FOMO or buy the top and sell the bottom, it is time to long. Target for longs isn’t clear yet. Need more confirmation and volume , but It’s likely we bounce off of this area here.
However, the Death Cross is unavoidable by the end of this month so if we go sub 7.6 we might be in trouble. Need to start closing above the moving averages on 4H, then break 20MA daily and happy days.