Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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WHY I BELIEVE BTC is bullish even at 8.8K and Why 8.8K is a real possibility.
1) Stuck within Macro Range - RED THICK LINES are the Macro Range. We have been stuck in it since early 2018, drop below it to 3k, now back within it. Despite recent most parabolic run up, weekly candles failed to close above the Macro range high for 3 consecutive weeks in a row.
2) Weekly about to close below 3rd Quarter Open at 10761. If this week close below, not a sign of strength from the bulls.
3) 9591 - Key Weekly Pivot. First real support, this is where i will consider dollar average in + It is confluent with a Daily demand zone at 9350.
4) 8800 - Green line is the Macro Mid Range + Confluent with 100 DMA catching up
Why is it still bullish even at 8.8K? - Daily chart might suggests bearish market structure with lower highs and lower lows. However, High time frame overview such as the weekly chart shows that 8.8K is where the true demand lies.
What can you do? 1) Enter a bit at 9350 (Daily Demand zone) then LONG at 8800 all the way down to 8100 (Equilibrium of the Weekly Block) 2) Wait for Daily market structure to shift to bullish, which means a higher high, then local bottom is likely in (Requires a Daily close above 12600)