XBT - BTCUSD turning bearish, -4 hours from day close
BITMEX:XBTUSD Bitcoin / US Dollar Perpetual Inverse Swap Contract
At the moment (UTC19:50ish) the market is fighting over the color of the day close. If it's a , better be green.
18500 was crossed and tested during the day, with no success.
Otherwise, chances are a is forming. Waiting for confirmation: the crossing of the neckline. If so, I might short all the way down to 16.5k, secured by stops at every attention level.
If the day closes green, we might continue with the uptrend in the triangle.
However, retracement might be healthy in order to keep the rally fueled and avoid a harder crash later on.
Long still open, but ready to reduce position and take profit at the next 18.5K test.