Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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XBTUSD (Bitcoin) continued with a slow and steady growth process after the strong 3.5k drop... Now we are getting signals that prices can move higher up.
This is what I am seeing/reading from this chart:
Prices reached EMA300 as resistance and couldn't conquer it (yellow square).
After a try at resistance fails, we normally have a retrace before another try at this resistance. Prices retraced down to EMA100 and are already bouncing and moving towards EMA300 once more. Bitcoin is now going for $7210.5 again.
If this level can be conquered, $7210.5 or EMA300, we will see a nice jump and Bitcoin going higher.
If this level can't be conquered, we will hit $6415 (MA200) or lower on the next drop.
Looking at the MACD, the RSI, the EMAs, the candles, the volume and how Bitcoin just recently closed above EMA200 on this timeframe, we are going back to $7200 - $7400, after this level we know what happens next.
We've been bullish short-term but we always have a plan when we trade.
Don't be too convinced by this call, make sure to build your own plan before you trade any coins.
Bitcoin can jump again here, there hasn't been much strength on the drop.
Namaste Alan, I am in agreement with the rise to 7300... But we should see a double bottom retracement afterwards that will complete point C in a butterfly harmonic...
Key levels: 7300 -> 6800 retest -> 7900 - 8k top before the full reversal.
Key levels: 7300 -> 6800 retest -> 7900 - 8k top before the full reversal.
This is how I have my harmonic showing: