Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Plain to see on the chart; we are ranging within the order block just under the 11k mark. A measured move down puts us roughly at 9.3 if we drop through the wedge here. Rejecting here and moving upwards from the wedge likely means a move up to the 11,300 range to re-test and ultimately (in my opinion) fail. Failure there will form a larger head and shoulders formation for another move down.
How to trade: Short limits at 10,650-10,850 scaled accordingly; tight stop loss at 10,925 or just above depending on your comfort level. Entry into long at 10,975 starting to take profit at 11,150. Trade safe, trade smart!
Trade closed manually
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Update: closed out the short at 10,400 from 10,850. Updated chart coming; reversal in sight up to 11.2k from a failed wedge/invalidated measured move + bullish triangle formation. I am long from 10.5 and shorting 11.2 as a large entry should we fail to break it.
Comment
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May have been slightly premature on that close! Stopped out my long and re-shorted at 10.4; original target still in play.