Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Looking to target lower levels for buy orders in the coming months, shorting the trend on the way out of 12k, and the higher levels of the triangle, on the way down.
Btc has moved to far away from its Global up trend, so naturally price action is required to consolidate on the other side of the range for a while. I am not looking for lower levels. buy orders are already set, for a long hold on the climb back up. Low leverage, staggered orders deep into the range with the final order at the lower end to catch those panic wicks.
expecting to ride this down, and back up over the next few months.
Comment
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So far, this is playing out perfectly!
Low Volume, Bear-ish market structure, strong resistance. coupled with the Bullish momentum on the DXY, and slowing of buyer momentum as we head into the weekend, and as traders take profit, I am fairly confident that the market will not event get an opportunity to reject 11k, as we bleed down from 10k9, and make moves to retrace down to the upside of 8K. This technical observation is also taking into account market uncertainty around the looming US elections, declines in world wide economies, end of 100 year debt cycle, various housing crisis, and other macro economic issues surrounding the Pandemic.
Long term, these same observations will see fiat currencies further inflate, which will see the price of bitcoin soar to make new ATH's, but for the next few months, i see us oscillating below the big Global btc trend line.
Update: The big Scam Wick of Death (SWOD) looks like its just played out, right on cue.
I have loaded up on shorts from 11k thru to 10500. Looking forward to a few more fills as the suckers rally. Market structure still go for short to 8k8>9k2, where the position will be flipped incrementally.
I have loaded up on shorts from 11k thru to 10500. Looking forward to a few more fills as the suckers rally. Market structure still go for short to 8k8>9k2, where the position will be flipped incrementally.