Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Hello fellow traders & friends,
most of you will already have recognized this symmetrical triangle with an APEX of the S2-D. It´s usually a structure, that does not give away much on a small interval like this. Due to the fact we are edgy to see low 8k´s, I still would like to see this noticed. In the recent past, these patterns ended up in a fake out, leading into further ranging mode, before the next bigger move like we have seen the last support breaking at 9.2k, bringing us down here.
Currently we are also sitting on the S1-Weekly Pivot support, if this does get broken down and tested, anything until Weekly-S3 would be not extreme. ($7653) What is ahead of this is the Yearly Pivot just above 8k, and I am expecting long orders placed around this number ($8050-$8150)
Looking at the full picture of the formerly mentioned potential diamond bottom pattern, I don´t want to see one or two weeklies closed below 8k, if that happens I am going to change my general expectations to red numbers. What currently next to the Weekly-S1 is holding us at this level is the SMA50 on Daily and I can´t say I am happy the Monthly Pivot got tested and rejected from below.
Overall still not bearish just YET. We have a lot of support where this can turn bullish from without anyone expecting it. Stay safe and set stops.