Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Good morning traders!
Bitcoin has had little to no movement in the past 24 hours as buyers and sellers are at a stand still on price.
Currently, looking at the chart, we can see we had a strong push out of the $9000 zone on a single hourly candle that took us from $9200 to $10700.
This also lines up with our 38.2% fibonacci zone on this recent swing.
We have several bullish patterns that are forming like an inverse head and shoulder, as well as an ascending triangle. Ascending triangles are usually quite bullish, but we are seeing a lot of 'supply' and selling pressure occuring around the $10,800 zone.
Either way, I think we'll see a big move coming soon.
As we can see on the weekly, $11,000 is a KEY level that we need to break and hold, which we haven't yet.
We can also see that we are still holding above weekly support for the moment.
Another big key I am watching is what happens at the 200EMA on the 4 hour.
This acted as key support for the entire move of 2019, but is now coming up as a key resistance.
Closing above this will be very bullish for the short term and intermediate term trend.
Is is truly a 50/50 market at the moment, where I am currently flat and waiting for a new trend to develop, but if we can break $10,700, our next targets would be $11,700 and higher. Bearish scenario would be a
The ideal buy zone for spot longs would be $9700-$10000, but we haven't reached it yet for a pull back.
There is a lot of FUD about the market right now, especially when examining the inflow/outflow on Bitmex after the news announcement that Bitmex was being investigated.
There was a mass exodus of bitcoin from Bitmex over the past 24 hours, which usually means that liquidity will be less as volatility picks up.
This has been quite obvious when looking at the order books on bitmex where they have been abnormally thin, which is why I've made the switch to bybit, where liquidity has been better for me.
Hopefully this analysis helps you and I'm going to try and post more regular, short term updates on Bitcoin.
If you want more, leave a comment below with and make sure you give this chart a like.
Thanks!
Comment
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Looks like we didn't get the pull back I was looking for and we broke out of the ascending triangle.
No reason to chase moves. Always better to wait for your entry and stick to your system.
Weekend trading usually means low volume.
Possible we get another pull back after we tapped the liquidity at $11,00 zone.
There's no fight between bull's and bears.
Please look closely at the chart. It's a pure manipulation by a few market makers just to empty your pockets
Daysandwicks
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It looks like both bulls and bears are scared to make a bigger move and get rejected, resulting in a swift move in the opposite direction. If bears fail with a breakdown and 10000 holds, bulls will push it above 11k again. If bulls faiI with a move up, bears might push it below 10000. It's a question of who blinks first.
Jocoin
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nagihatoum
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It's the weekend, and BTC will be sluggish and raging for a month to allow alts to bloom.
Edgy_
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Hey Jacob, hope you're doing well buddy. I don't think it was a 'Swing failure', because we never broke the 11k. I saw this as an inverse Head & Shoulders with a slightly tilted neckline, and even though we broke we're still underneath 11k and the bulls definitely need to see follow through:
deactivatedaccount123
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" Bearish scenario would be a
The ideal buy zone for spot longs would be $9700-$10000, but we haven't reached it yet for a pull back."
What is your bearish scenario? You cut off your text! :(
OptimisticRoach
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Always look forward to your analysis. Also thanks for the highly educationally valuable You Tube videos. I sometimes laugh at myself and the things I have done in the past.
Genghis_Greg
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Thanks !!
ChrisBits
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Always looking forward to your analysis.
dinhcaBTC
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Hello Jacobcanfield
thanks for sharing your view. i'm also sharing valuable content if you want to take a look
Please look closely at the chart. It's a pure manipulation by a few market makers just to empty your pockets