BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin price sharply rose off of $9,500 yesterday leading many to believe the temporary bottom is in. Price will now head into two potential zones above here. Both can be viewed as potential short opportunities as we may head back sub $9,500 if we break down from here.

Price is expected to trade between 10,400-10,600 (1). 10,600 is strong resistance and trading over that might take us to tease the 11,000 level. Should we cross 11,000, 11,350 is a strong short opportunity. At current time we recommend BUY with a target at 10,600+.We would recommend buying anything possible above 9780 and cutting positions if we fall below there.

Our word of caution lays in the Stochastics and RSI which are currently oversold. They indicate a disturbing repeating trend in which the stochastic tests the lows twice, and the second decline is a large plunge in price. Are we expected to have a second selloff? To be determined.

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Trade active: BTCUSD entered our BUY zone! We bought $9,780 and price declined as low as $9,725. We are LONG into +$10,400.
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