Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Long shakeout is over as Bitmex XBT long liquidation is 4x that of short at this moment.
5 wave downward trend ended when 10.3k lvl was successfully defended along with 4hr trendline support which initiated the subsequent bullish V bottom reversal.
Bulls easily reclaimed the 11.5k lvl support lvl as hourly trendline was formed with higher high & higher low.
Overall, VPVA indicates bullish sentiment as a fairly strong POC is formed around 11.8k area.
Price is currently consolidating and possibly heading toward the next liquidity pool/POC area around 1.27-1.28k lvl where there is little resistance volume remains beyond this lvl
Target should be slightly below yearly high if the price bursts through 13k
Kijun, flat Kumo Top, previous swing high, hourly trendline and Fib 0.5 lvl form a strong confluence around 12.1k lvl at hourly chart and can be used as a stoploss if price starts to reverse