Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Unlike many others, I don't believe we have already hit our current bottom at 7060. Not yet. The slow uptrend we have had since then has been a very heavy accumulation-distribution structure akin to several Bart Simpsons bouncing on their head (Ah, the wonders of crypto tools and indicators). Our current top at roughly 7780 has hit a strong resistance in my opinion, as we have a confluence of several events - 2 FIB levels for the current structure, top of red Ichi cloud and previous support level now turned apparent resistance. Add to that the MACD cross on the top and we get what I think is a decent short entry I might be very early to call this and we could see another uptrend but all I see now is a reason to short. I will update this trade as it goes, of course, regardless of if I were right or wrong
Order cancelled
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Drop down wasn't as big as I have previously thought. IMO, there are 2 scenarios with this pump:
* either this is just a small uptrend before downtrend continues * either we have already hit bottom and this is bullrun until next strong resistance at 8200 lvl