BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
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Bitcoin has been all over the place lately. The bulls are holding out strong, receiving support from the 21 exponential moving average ( EMA ) at $8,221.40 on the weekly. It is likely not a coincidence that we saw trend support at $8,233.00 the week of October 14, 2019. A weekly close above the 21EMA is crucial for the continuance of BTC's current uptrend, displayed on the graph. Assuming that the local selloff is complete, our first major trend resistance/support falls at $8,700.00. If reclaimed, $9,300.00 would be the target for the weekly close. It is noteworthy that we would likely see resistance/support around $8,500.00, which would be supported by charts with shorter time-frames, such as the 12h. A weekly closure below the 21EMA, however, would indicate the bears may be taking back control. The Volume Profile Visible Range(VPVR)'s strongest Point of Control( POC ) at $7,944.50 demonstrates that this will likely be an excellent support/resistance line. The 50 Moving Average(MA) at 7895.50, coupled with strong trend support at $7,861.00 from the week of September 30, 2019, suggest a likely range for support if 7944.50 does not hold. This may also serve as a possible area for wicks if our 21EMA is broken on this close as well. If these support areas do not hold, $7,350.50 and $7,100.00 are the next trend supports from the weeks of December 16, 2019 and December 30, 2019, respectively. It is also noteworthy that when we saw trend support at $8,233.00, RSI bottomed at 47.21. If these levels do not hold, our next support would likely expect RSI to bottom around 44.93, such as when we bottomed at $7,861.00 at the end of September.

Disclaimer: This is NOT trading advice, NOR financial advice! These are merely my opinions that I have posted for educational purposes ONLY. Trading comes with huge risk, which should be managed with extreme caution. You should never trade anything more than you are willing to lose. I hope you all kill it, but I am not responsible for any financial loss or damages. Thanks for reading!

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