Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Whats up Ledges,
BTC is looking like its topping currently., Failure to close above the heavy resistance at 6782-6839 on a high time frame and three consecutive inside bars are signalling a sell off.
I dont think that the yearly support at around 5800 will hold another time, i think we’re getting xloser and closer to the final dump.
Purple line is my idea of proce action the next weeks. First the stops above the current local high will get raided and then we will bounce around the established pivots before finally dropping below 5.8k.
Note that Volume is steadily declining this month, which is not indicating strenght.