BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
BTC is currently range-trading between several trendines. The flag we're currently in, is pointing up which statistically is a bullish flag breaking up. If we fail to gain back the previous local top at $4190, price action guidelines say. "Confirmed fail to gain will result in a lower low before it's repeated again". Meaning if we fail to gain $4190, we should be looking at the $3,5k zone for a re-entry for longs. Taking a position where we are now is high risk trading and is not recommended.

On the long term, these are two important trends to watch. The top one was the main rejection which caused the BTC dumping from 6k in combination with BCHs fork. If we manage to break above that trend with good volume it's a great indication for bullish continuation towards the 5k area.

It's also worth mentioning we got an almost perfect bullish inverted head and shoulders on the 3D chart. The shoulders are having the same candle close, and the neckline is picture perfect straight. Look after this one!

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Comments

very good analysis
+1 Reply
Pineapple1k Rohit_Shinde
@Rohit_Shinde, Glad you enjoyed it. Hit follow to get notified on updates! :)
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