Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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The floor has been put in as widely expected, you can see there is not intention of letting Bitcoin depreciate any further. Improving Bitcoin fundamentals via Libra delay is helping us shift value higher.
You see back here this recommendation:
Price drivers are supporting flows to Bitcoin, you have to forward walk and say going forward the flow of Crypto will continue to bleed from most Alts and help BTC run higher.
You see on this we traded the final sweep before, it is a textbook rinse and repeat of an overshoot to the downside before finding a floor:
Good luck all those positioning around the Bakkt floor.
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Bulls in full control
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+5% and counting today
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Very impressive to see the move above 8,532 holding ... sending loud messages that bulls mean business.
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A quick update here for the weekend as Libra fades into the distance providing push up factors to BTC...$8,300 support held and we are flirting with the impulsive leg
It just looks like such an unusual turn around for being BTC.
Charting the total, I think you're very much right on this one, this is the floor and it's upwards from here.