Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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I've been watching this price action thinking 'why does this seem familiar?'
I remember, I've seen a similar situation before! March/April 2018, a pump, dump and true bottom for almost +100% gains.
Similarities include:
Strong downtrend
Falling wedge (blue)
Bull Divergence
Bullish break, sharp counter-trend rally
Reaches almost to Daily 50 SMA
Hidden bear div
Sharp Drop
Expanding wedge target to the downside (2700-2800)
NOTE: This is just a scenario, not a prediction. If the market follows this scenario then I will be trading to the short side.
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More similarities found, this time with the downtrend that started in after the 10k top in May
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Let;'s see how the price interacts with that blue moving average above,
If we can recapture it, this is a possibility
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Inverse Head & Shoulders up to 4,200, then breakout to 5k is a possibility, however this fractal is also in play to create a larger, falling wedge high 2ks
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Or is it a mirror image?
Thanks to @DennisLeeBTC for pointing this one out. Left side fractal repeated, and inverted on right