Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Here we are tracking wave 'iii' in the current leg and we are using the MACD as our weapon of choice to trigger.
This time it is very simple, we are going to buy the next black cross on our ridethepig MACD; as long as the cross is above the $7,435 (the lows in wave 'ii') then we have a valid ridethepig trigger.
In terms of targets; the natural extension in wave 'iii' comes into play at $17,127. Whilst to the downside it is very clean; we know we are wrong below $7,435 as market will have put a material high in.
To put simply, the only level in play to the downside for bears is $7,435. As long as price remains above we can make the bullish argument from a EW perspective.
Best of luck all those looking to buy the dip or already loaded.