Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Falling wedge on BTC approaching a very big area, 3k.
Watching the reactions to both the upper and lower trend lines . Dependent on where it goes, it may be wise to go long should we see a final leg down to test 3k, and put the stop just beyond the trend line . Either way, 3k should see a significant reaction, and this lines up with a falling wedge .
As for targets, T1) 3300 at the very minimum should we break upwards. T2) 3600 Strong resistance with fib retracement and horizontal resistance. If this is broken and we close above this level, it is a relatively clear road to 4200.
Ultimately, watch how this responds to the blue box and lower trend line before going long. Shorts are stacking up incredibly high, this may squeeze a lot of them out.
Comment
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T1 Hit, watching carefully now to see if we retrace before hitting T2
Comment
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T2 Hit perfectly, and rejection proceeding it...
Comment
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Broken above T2, may see a retest of 3600 before pushing higher...
Comment
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We hit 3650, and we've broken above 4k, time to see whether we break 4.2k or reverse in that high resistance area..
Comment
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Big rejection of 4200 here. Bitcoin being affected by the S&P in my belief, a massive sell off there affecting a lot of markets.
Aside from this we should fulfill the 3600 retest and see whether that holds to get some momentum to push past 4200 resistance