Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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We’ve been moving within this channel for quite a while. Now there is a bunch of support below. Moreover the Golden Cross between EMA50 & EMA200 is almost inevitable, however a dipper pullback into the cross itself is not ruled out.
The odds are on the side of the bulls and since we are above the mid line, the target is the top of the channel.
Now let’s take a look at the chart from a slightly different perspective. Here is a pretty decent Ascending Triangle and looks like we’ve broken out of it (however, the lack of volume is concerning. Contracting volume suggests that the big move is yet to come) The ultimate target of this triangle is 9.5k. Pretty bold projection, isn’t it?
Here comes the interesting part: there is a huge CME Gap at 8265-9170
So, if we reach the ultimate target of the Ascending Triangle, we will close the gap.
One more argument for the bullish case is that the BTC Halving is 35 days away. Was the pre-halving pump cancelled or what? Meanwhile the Fear & Greed index is at the level of Extreme Fear. The crowd is scared and that’s generally a good environment for bullish trades.
Resistances along the way towards the CME Gap area: EMA100 on 12h (~7.2k) - we are sitting on it right now; EMA200 on 12h (~7.7k); EMA200 on the daily (~8k).
Important: the price has to hold EMA50 on 12h. If we lose it, I can certainly anticipate the price dipping below 6k, right to the bottom of the channel.
P.S. The long-term view has not changed
What do you think about it? Share your thoughts in the comments!
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