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micmuc
Jul 29, 2020 6:30 AM

No Break-Out Yet, retrace likely Short

Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX

Description

Many seem to believe the bull-market has started in full glory and have been loading up on leveraged longs.

Wouldn't be too sure of that. On the logarithmic chart we're at a strong resistance from multiple perspectives and a retrace seems likely.

Close-Up:



Cheers
Comments
SendItSeason
Lol u got rekt
Bannedhammr
@iamiota, all these guys get rekt. Your not gonna beat the house. using leverage with bitcoin that moves 10% in its sleep is retarded . People who manage money hope for a 10% return in a YEAR. Your all a bunch of know nothing degenerate gamblers.
Bannedhammr
what a scrub. you took a short thinking there was no breakout then drew a line using candlestick wick and body . clearly there was a breakout.
BTCINVESTING
this is log. candles and daily close. :-) i would go with that.



micmuc
@btcinvests,

On the lower time frames there has been a break-out yes, but not on the bigger (and hence more important) time frames; i.e. weekly and monthly.

We're at the end of the month so the current situation gives the bigger players a perfect chance to keep the bear market narrative alive whilst loading up on retail buy orders. As long as we don't close the month (July or August) above the 11400ish level the bear story can still be validly pulled out of the closet later..
BTCINVESTING
@micmuc, for me is daily close the most important view at btc for longterm trend. :-)
micmuc
@btcinvests,

Just compare to some other past tops, often they were breaks on the daily but not on the weekly/monthly ;-)
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