Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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There is no doubt in my mind that we'll get to 2900 next. BTC has broken a daily support of 3500 and is heading down. What happens when a support is broken? You seek next support. As simple as that. The trade could take between 24 to 36 hours but we'll get there eventually. 2900 happens to be a weekly support as well for BTC. Looking at the hourly, we have just broken out of a bear flag. BTC is far from bull run. SHORT SQUEEZE has been in the cards for last 1 week. SHORTs keep piling up everyday but that doesn't mean, people will stop SHORTing. Can't really predict a SHORT SQUEEZE.
What am I doing? I'm spewing that I closed my 4k SHORT at low 3700s. I've SHORTed a small amount at 3270 after crossing the previous bottom of 3280. I'll add to my SHORT if we make a retracement to mid 3300s or high 3400s.
What are my indicators saying? My new indicator FOMO Momentum is saying that the 4 hourly timeframe is kinda maxed out. Which indicates that BTC is nearing some consolidation or the 4 hourly trend is close to reversal. FOMO 4 hourly has been RED since 3800s and is in no trade zone atm.
When will I long? I'll LONG once that downtrend line marked in Blue is broken. Until then, it's SHORT the pumps.
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Just had retest of 3540 support marked on my chart. Typical BTC BART move. I've a Avg Short Entry of 3508 now. Staying in it. Got one more SHORT order at 3660 followed by SL at 3680.
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And heading back down as expected after testing 3540