BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
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Bitcoin took a nosedive and currently we are sitting on the Major Support - Strong Horizontal level + 0.5 Fib + High Volume Node on VPVR + EMA200 on 4h

BTC 4h chart
We’ve hit the EMA200 for the first time since the parabolic move started in late January and this first test was bought up nicely leaving a long wick below it, which is a good sign, + potential bull div on the RSI .

On Feb. 8 I pointed out this upward channel on the 8h chart. Here is that idea

What’s concerning it that from that 8h projection things do not look good at all.
We broke down the channel, re-tested it and now making a lower low => bearish

We officially had the Golden Cross a couple of days ago and that fact pretty much encouraged the bulls, however

Historically speaking, longing Bitcoin right after a Golden Cross (or shorting right after a Death Cross) has not been good short-term trades, because the market did just the opposite




Conclusion: it’s all about the Major Support (9.3-9.5k). It’s a strong confluence of support and if we break it, sub 9k prices here we come. However, as of right now, it looks like a pullback into the Golden Cross, which is potentially a good buying opportunity, especially with the halving around the corner.


What do you think about it? Share your thoughts in the comments!




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Comments

hi
a new work of mine bearish flag near support. Usuallt it do not lead to something good
Reply
m8 how can your 0.5 fib level be 9455? mid range between 13940 and 6413 is (13940-6413)/2 + 6413 = $10,176. This is a SCAM chart m8.
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CryptoBullet artemlazarev1997
@artemlazarev1997, All questions to TradingView, I have nothing to do with that
Reply
artemlazarev1997 CryptoBullet
@CryptoBullet," great content "
Reply
CryptoBullet artemlazarev1997
@artemlazarev1997, revise your Fibo settings. If your chart on log scale, you should activate the checkbox 'Fib levels based on log scale'
Reply
artemlazarev1997 CryptoBullet
@CryptoBullet, ok you are right, apologies - on log scale your fib levels are correct...
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btc is on critical support now)
Reply
CryptoBullet Alex_Clay
@Alex_Clay, Decent chart
Reply
CryptoBullet Alex_Clay
@Alex_Clay, thanks for sharing
Reply
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