Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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📌 The "formation" of the strong resistance
Here we are going to track a live example of BTC putting in a major high which will probably last into Q1 2022. My models are taking note of the outflows which are far from easy to spot: in the endgame of a swing, it takes A LOT of energy to crack resistance, the whole business involves activity.
Think of the set-up in the early game as methodical and peaceful, operations this late in the swing are volatile and noisy. There are no sign of sellers across the entire tradingview platform, fortunately we can send a handful of troops forward here in advance and outguess the ceiling. Always start contrarian positions off small... and when it starts working, go massive!
Let me explain this by means of s speculation system
🛠 Start small and leverage winners - from one brick build a house
Reverse engineer the retail blow ups! Start with a core unit, when it starts to pay, and the drivers are working, you can add some more. Treat it like a business!
In this leg, sharp sellers are in clear possession of control as long as the highs are holding and by the apparently primitive aggression from buyers we have a unique window of opportunity (*sounding like Klaus Schwab here*) to convert that control into a deep retracement. The moves from the collapse in public sector confidence via covid are starting to look over stretched and with governments introducing their own digital currencies as early as January in Europe unfortunately we are running out of time to crack the highs.
On the H4 chart the flows can be seen clearly, penetrating $18,500 unlocks the floodgates and allows sellers to 'go for a stroll'. The waterfall will be almost automatic due to the inferior firepower. Buyers are in danger of being crushed... watchout.
Thanks as usual for keeping the feedback coming 👍 or 👎
Comment
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A quick update to our chart after breaking down through soft support...
Was thinking the same thing last night and then you posted this, sad to see bc I love the idea of bitcoin and ETH, will have to get in on it after the storm subsides.. whatever that looks like.
Lot of dollar strength ahead methinks - stimulus talks failed, brexit talks failed, COVID hysteria in high gear, everything way overbought.. and the kraken has been released. Trump and the VIX will win bigly.
FuxPace
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"BTC putting in a major high, probably lasting until Q1 2022". Did you mean 2021?
Protixder
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Protixder
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Bitcoin looks to breakdown since fiat take over. check the data
Lot of dollar strength ahead methinks - stimulus talks failed, brexit talks failed, COVID hysteria in high gear, everything way overbought.. and the kraken has been released. Trump and the VIX will win bigly.