Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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In my last analysis, I predicted the downward move from $6400 when everyone was bullish to $1,000,000, and this time, i think a big move is coming.
I could be very wrong here, as we're been stuck in this downtrend and knife catching is usually not the best strategy, but we've got a few things lining up in our favor.
I'm seeing some strong potential for a big bounce here.
$3550 was ideal entry as given this morning.
Shorts have gone into the 'danger zone' for a short squeeze.
We may see a big move within the next few hours to the $3900-$4000 with a potential for a big candle to $4300 - $4400.
RSI has a wedge forming with a strong support base as well.
OBV has been climbing as well with a bullish divergence...
Sentiment is getting to all time low levels, so it'd be a perfect time for a short squeeze liquidation move.
With buy volume steadily increasing, you can enter on spot or with low leverage with a stop below $3500 for a low risk trade with a very high R:R.
If you want to loosen up your stop, you can set it below $3400 in case we break below.
I think that if we do break below, it'll be hard and fast with strong support around $3,000 for big reflexive buy volume.
It's a DOWN TRENDING market, but this looks like a good opportunity for a long position before a big bounce.
Let's hope we get this move.
Thanks for reading. Comment with your ideas below.
No no, give the man his credit and realize sometimes you just have to wait for it. Look we have this clear pattern on the daily. This was forwarded to me came from a "source."