Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Bitcoin had some correctional move recently with many people expecting lower lows, therefore shorting a lot. I think this could be the bottom already and taking some risk with a small long trade here.
TD sequential showing a red 9 signaling the end of a down trend on both, 1hr and 4hr candlestick and my Oszillators are all in oversold territory. The Squeeze Momentum is again in squeeze-release-mode so be careful, worst case for bulls here would be testing the Weekly Support 1 pivot point around 7760 USD. First resistance to watch would be around 8300, where the weekly pivot point and the 4hr 50 Moving Average is around, than I expect some testing of the 200MA and the Weekly Resistance 1 pivot Point.
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Got some small lower low but with bullish divergence in all oscillators
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Another Sign that bears are weakening: Bearish squeeze momentum coming to an end:
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So far this played out great and my Long is in a good profit. Now we have some small bullish momentum and the squeeze released, calling for a good trading volatility. I expect the price to test the weekly pivot, playing around with it as short term resistance using the 50 4hr Moving Average as Support, maybe looking the same like last week, where weekly R1 got used as resistance and 50MA (violet) as support:
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Another crazy ‚margin trader killer‘ swing, lower than i though but still another good time to get in I this weekly S1 is holding as support:
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Aight we reached weekly S2 for a new lower low, this is considered over now I fear
@mbc47, at wie levels would you consider ‚dead Cat‘ to be failed ?
mbc47
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@Simon-Rose, BTC won't pass above 200 MA on daily. ($8,500)
As a matter of fact if you're in - congrats, but do a stop loss to secure profit.
BTC may go crashing 1K very easy from here
Simon-Rose
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@mbc47, I guess 200 day moving average is retaken what do u say? :)
mbc47
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@Simon-Rose, I say successful short squeeze. I say it total B.S.
I say the biggest drop is coming. Don't be a fool to ignore a death cross