Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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we broke most downward channel. Only in a weak zone of the big downward channel which started at 11.5k So it looks good for a local uptrend.
Comment
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If we don't make the next push until the while trendline I will reduce my long position by 50% which I took out at 6600. and will watch for signs of a distribution phase.
Every trend builds momentum and side ways action breaks momentum which makes trend reversal possible.
and will watch out of signals to break down again.
Comment
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the test down with a strong rejection is a good sign for long. but I stick to my timeplan so if we don't break out next 45 minutes I reduce my position like I wrote before.
Comment
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perfect jump into the channel with the setup test down.
another profit target reached
Comment
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You see initial target perfect reached just with another swing of the white trendline as I updated. So now we should go a bit sideways again and see if we can break higher. I only have 30% of my long position left. I will observe and keep you updated.
The volume wasn't as high as I hoped on this push. So my call would be another small push up and then retracement and evtl. start to move down again. but will keep you updated So far all profitpoints reached today.
Comment
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I am still 30 % in my long position. my last target is 7080.
We are flagging here a bit and we should break out in one of these points:
We tested this trendline already so we should have a good chance to break it.
Comment
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if we fall below 6950 this uptrend is over
Trade closed manually
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we left the strong upward channel marked by the white line. That means there will be more side ways action coming before we make a move.
Comment
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weak test into a weak breakout. explained why there were so many mixed signals. Already back in the range