BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
NVT is preparing for a breakdown, Bearish DI cross, Stoch RSI Overbought. How far will this move go down? I expect at least the 50% fib retrace from market bottom to the top of this current swing (~$6100); though possibly the 61.8% fib retrace (~$5450). However, going down to the 61.8% retrace or further would require some serious fear in the market, breaking through the significant 5900 support/resistance level.
Order cancelled: if we close the day with a higher high (8900) than that will likely excite the bulls into pushing the price higher. I will wait more before deciding to sell or buy.
Trade active: Sell Signals are coming back into the market. This could be a large volatility consolidation phase to relieve much of this recent unhealthy parabolic bull swing.

Comments

NVT has turned from red to blue on the weekly chart. STRONG bearish signal.

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Great setup, following you now mate! I´m about to post a trade shortly, have a look on my profile for detailed information :)
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lysergik DACapitalTrading
@DACapitalTrading, cheers mate! i'll definitely check out your trade!
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