CM_Trades

Bitcoin's runs into $3,600 brick wall!

BITMEX:XBTUSD.P   Bitcoin
  • Bitcoin finally showed some signs of life over the weekend as price moved sharply off lows
  • On the last retest of lows, price bounced sharply above the S/R flip region but was on lower volume
  • After retesting the breakout zone, Bitcoin continued its move up straight into supply before getting rejected
  • After the EMAs turned up bullish, we have yet again rolled over bearish and trending lower
  • We just had a very bad squeeze higher, raiding shorts and also trapping a lot of bulls playing the breakout move
  • $3,600 remains a strong resistance level and that last move higher getting rejected is hinting at a revisit of lows
  • If we could break that supply level, next stop would be $3,800

Thanks guys!

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