Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Current consolidation could go on for another 3 days but in the end I believe BTC has 1 more drop left.
Multiple rejections from 4k resistance. Couldn't manage to reach 618. Got rejected there. The downward momentum is really high atm. Forming another descending triangle. Bullish Divergence has been forming on 4hrly timeframe but we have 1 more drop left before making a healthy bounce. My Trade Setup is also mentioned.
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IGNORE THE INITIAL ENTRY 3740. Copied the call out button but forgot to change the TPs TPs are as follows TP1 -> 3395 TP2 -> 3210 TP3 -> 3005
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BTC has been pushing up towards the end of this symmetrical triangle. We could see a push towards 41-4200 if we break out.
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New 4hrly just opened. If we don't break the top, we could see XBT going down towards the bottom of the triangle and test the bottom once again. Which I believe will break if tested once again.
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Currently sitting at my Average Entry. I'm closing a portion of my position (extra contracts) to reduce the risk if the trade goes in opposite direction. Rest it's looking alright for another test of the bottom. With current Avg Entry - I'm looking to take profits as follows TP 1 -> 3880 TP2 -> 3740 TP3 -> 3610 Leaving 50% of my position open after taking profits at above mentioned TPs.