Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Contrary to many's expectation, bitcoin's parabola began from 3330 as bottom and not 3121. On that basis, the latest dip to 6300, or 7000s on many exchanges form base 4 of this parabola with the blow-off top which we currently are in, set between 9200-9600.
The ideal play in the coming days should be, to use low leverage longs and ride the blow off. Entry: 7800-7960 Stop loss: 7599 Target: 9200+
Once price attains 9200, it is time to build short position, over a span of few days owing to confirmations. This weekend pump will again create a CME futures GAP with low point at 7175, which the future price will target on the downside. This perfectly coincides with the parabolic curve retracement, which often aims towards base 4 lows, which in this case being 7175-6900.
Kill the noise, do your own due diligence, and stick to the plan, you might as well end up making 6x on this entire cycle with 10x or lower leverage.