BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
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Thoughts:

I think BTC will want to clear out some stop losses before
continuing higher, so there may be opportunities to add on dips.

I think it may get frontrun before it gets all the way down
to the daily stop losses as many people want to get in for
the next move up.

One concern is the resistance at 5800-6000 is pretty daunting,
but a 1000 point gain from ~4900 should be attractive enough for dip buyers.

Lower highs mean that maximum amount of longs
haven't been trapped if Bitcoin wanted to dump hard.

However, some longs were trapped, but had some time to
get out with small losses if they wanted -- medium fuel for
dump.

Lots of stop losses have accumulated and remain to
attract a dump before going higher, but again there are
eager people waiting so I don't think it gets all the way
down to daily level of stop losses.

Comments

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