Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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We have so far held the 50% retracement during this sudden influx of bear volume. The daily is bearish engulfing at the moment, which is not a good sign to see. However, the .618 retracement of the ENTIRE uptrend we have seen since Oct 29th lies at $6,350. Even more bullish, the 50% is at $6,390.
If we hold $6,390 or above on this daily candle, this weekend should be very interesting. We could be starting a potential wave 3 which means a huge spike could come out of literally thin air. If however we break past $6,490, we will look to $6,350 for support at the .618. If we don't see big volume increases at that level, we will revisit $6,200. If $6,200 breaks, down we go to potentially as low as $5,450 or so.
I'm bullish. I believe this retrace was nothing more than a well-timed stop hunt before the big move. This is how they do it sometimes. I've been long since $6,300. I got stopped out overnight but since put in for another long at $6,400 with a stop just below the 500 day MA on the hourly, because bullish divergence is being seen on lower timeframes. There is a 50 cent 4h candle on Bitmex, a bearish doji, which indicates selling pressure is possibly exhausted. There is also MASSIVE hidden bullish divergence on the 4h.
Within the next few days we must make a very strong move, as we need to invalidate hidden bearish divergence forming since $6,800. I strongly suspect 10k is a lot less far away than people think.
In my previous ideas, I analyze the daily and monthly timeframes. Currently we are in a symmetrical triangle that I don't think many people are seeing.
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2 hammers on the hourly. Great signs...
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The daily:
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Funny story- Bitmex is the only play that I've seen so far with massive hidden bearish divergence. Where did the strength come from?! It just so happens that at the exact same time this happens, shorts fell 30% or so.
Hmm. Sounds like longs filling their positions to me.. Coinbase:
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Sorry, that's bitmex. This is coinbase.
Very, very interesting here..
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From someone that commented below.
Holy mother..
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$5,655. This is where I’d be dumping capital if I had any left