Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Here we are approaching the macro downtrend line and you can see we've breached it on the linear chart.
I believe momentum will slow here until we establish a break and hold above the logarithmic chart downtrend line.
Once we break these lines and hold above I believe Bitcoin may start ranging and ideally alt coins will start to flourish.
I expect to see a small reversal between here and 12.3k. In my bullish scenario we can get to 13.8k before a corrective move. I believe we are in a wave 3 still.