Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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We've seen a huge 15% jump from 6800 and since then we haven't seen a big correction. Market is incredibly overbought right now. While price is making higher highs RSI is making lower highs. That's a clear bearish divergence and if we consider that this is taking place on the 4H chart we can expect a 4%-5% drop to the 7900-8000 range at first. It's possible that we can go as low as 7000-7200 in the next few days.
Trade closed: target reached
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This played out well. I took the profits and closed the trade. Even though I said we can see 7000-7200 area I am not sure about it at the moment. I think it's best to wait and observe for a while.