BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin lost the most important trendline (orange) on his bull trend. But this is not the end. We fell into support (Old Resistance and VPVR).

We also are forming a channel here which holding us right now.

A closer look at the 4h shows already bullish divergence . ( RSI ). We are oversold on nearly every timeframe (weekly not). So a bounce can happen anytime. But just to make things clear: If we bounce and go up, we look for shorts and not for longs. You can trade the bounce of course but it is very dangerous. Better wait and see where the price is heading. A relief rally must happen at some point. If you trade it, just be careful.
Comment: This divergence played out very nice. We reached now resistance.
Also the CME 4h Gap is maybe filled now. Be careful.

Comment: CME 4h Gap filled:

Not sure if the bulls can hold this level. We are oversold yes, but there is heavy resistance above us. And we also wicked just up in the XBTUSD chart to take the take profits there:
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