Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Long from $11250
Comment
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Still possible that BTC taps the liquidity area which I am prepared to buy. Break below the $10550 low and we're likely headed to $9200 and/or low 8000s.
However, for now, this is a dip buying opportunity to me.
Comment
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3d chart shows a trendline touch could be possible in the next 3-6 days then we could be on our way back to 13K+
Obviously we have multiple resistance hurdles between 11.4k (price now) and 13K+ but it'd increase the chances to bounce of support and push off
Comment
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I've kept my analysis simple and stated that BTC is bullish in this large range between 10.5k and 12K on the 4h chart. If we break below 10.5k then we've changed structure and it's possible we head lower towards $9300 or low 8k.
Until 10.5k breaks, the trend is still bullish. DXY continues to stay relatively weak and the Fed policy in the US still allows for risk assets such as Equities, Gold, and BTC to perform well because asset managers need to put their money somewhere.