JuicyReks

BTCUSD: The $2000 Bitcoin move nobody is talking about!

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
After Bitcoins sharp fall we can see that bitcoin developed a great bounce from the lows.
It's currently trending within a channel and by the looks of it it's getting ready for a breakdown!

Within the channel we can see the control price (yellow line). In an uptrend we like to see price trading above the control price showing us we are in a strong uptrend. Right now BTC is being rejected from this line multiple times staying below control price indicating weakness. Right now BTC did not lost any important support so far in the smaller timeframes (1HR-4HR) as long as BTC does not lose local support I have reason to believe BTC is setting up for one more push higher finally being rejected by the Major Weekly resistance between the 7.4k-7.6k range. This would mean BTC will reject from control price or not even get close to it indicating more weakness. Combine the weakness with Major Weekly Resistance at 7.4k-7.6k ranges... I can smell supply destroying demand already!

Potential Targets for this move would consist out of 3 targets as shown on the chart.
Personally I would take 40% at TP1, 30% at TP2, 20% at TP3 and leave the last 10% open.

This is not financial advice, just opinions from a guy on the internet watching the markets!

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Comments

here is what I have on it, will be following
+1 Reply
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