BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Alright team, we got ourselves a nice little channel that has been pretty nice to us... but that bearish RSI divergence is popping out telling us to expect a drop in price.
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I see 2 scenarios
1: we begin to move down and the channel acts as a support and we stay inside of it
2: we break the channel and then move down a lot more
A: there are other potential support levels past the channel on the way down but the strongest one is the pink dashed line that I marked in the mid 7500 range
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Good talk team lets see what happens throughout the rest of the day

P.S
It looks like the reaction to the bearish div             has already started now we are just waiting to see how strong that reaction is
Comment: So just to add a bit more detail, here are a few more time frames that i'm looking at
15 min:
4 Hour:
Daily:
Comment: The 15 min chart shows a bit of bullish div so we can look forward to another push which would ideally create bearish div on small time frames as well
Comment: isn't it great when things work out

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Here's the plan now
- I don't think this was the big move down because of the bullish div that we just formed
- Also the channel looks like its holding so far
-expect a move back up
- then after that we might have another try at the channel
- I'm looking to break the channel the second time
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*keep in mind this would work assuming things work out perfectly which we all know is rare*
thanks bro
a bit move up
but soon after that we will crash again :)
how low do you think btc will go? like 3k or 4k? or just maybe 6k again? what’s true bottom? and when do you think we hit bottom again? like may or july? lol
Reply
@leorio
I have my long-term view on that chart, at the moment I am assuming that we have completed A of an ABC. There is a chance that A is still not over but Its not as likely. For this Current drop that I am expecting to happen in the next few days I think 7500 will be our low and after that we will resume the move up
Reply
isn't it great when things work out
______________________________
Here's the plan now
- I don't think this was the big move down
- the channel looks like its holding so far
-expect a move back up
- then that is when we might have another try at the channel
- I'm looking to break it the second time
________________________________________
*keep in mind this would work assuming things work out perfectly which we all know is rare*
+2 Reply
What price would invalidate this?
Reply
NotGemini JoshuaVanier
@JoshuaVanier, Pn the daily chart price would have to move above 9100-9200 ( the previous high) and on the 2 hr and 4 hour the RSI moving above the previous high would also invalidate it
+1 Reply
NotGemini NotGemini
Reply
@NotGemini, Thanks, im seeing a bull pennant formation, and I can see the a pennant on the RSI aswell
Reply
NotGemini JoshuaVanier
@JoshuaVanier Right! I also see some bullish signs but they're on some of the smaller time frames, and i'm interpreting that as a sign that there should be another move up before the move down
+1 Reply
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