Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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SO my last trade worked out perfectly, we hit my blue box and immediately saw a reaction. There was a lot of confluence around 12300, top of the 2 channels and overall .618. I really like how this looks from an EW perspective and gives me strong confidence that we retrace for a couple days as a wave 4. The question is.... how far down do we go ? From a PA perspective flipping 11k as support would be ideal and it lines up perfectly with EW and the fluidity of the chart. To be safe to make sure you don't miss the move up, you can scale into longs around 11200 down to 11000. Once we do finally lift off, i expect the 14k top to be tested. This will be a good place to take 60-75% profits and if we happen to break this resistance than you can still reap the benefits.