Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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BTC/USD is looking like it wants to reject the upper trendline of the downtrend channel here. if it can break below 11k, 3 target prices are labeled on the chart.
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Comment
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understand that even though I have these targets, I do not think that the 3rd will be the true bottom of this bear market. rather, I expect the true bottom to appear roughly between a range of 5.5k and 4k (as shown in the blue rectangle here):
Trade closed manually
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market is about to enter a decision point. price has broken above the upper resistance channel for the second time - the more times it breaks above it, the higher the probability becomes that it will break out of the greater downtrend.
there is currently the possibility of a confirmed inverse head & shoulders. if it can break above the neckline here, rough target is labeled on the chart: if it breaks below 10k again, expect a continuation of the corrective pattern as initially outlined.