BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
HT Trading Team updated investment idea

Hello guys Hidden Treasure here with some juicy TA for my beloved team and followers.

We have decided that it would be more ideal to do a long on the retest of the lower trend which are the 3650-3860 areas where the 3650 is just on the top of the lower trendline.

correction may start below the top of this channel from 4140/4180 and next noteworthy resistance line would be the 4240 area.

An impulse wave has completed previusly and we have now entered the abc correction phase where a failure to break the resistance line would create a double top scenario hence why we have chosen a long position instead of a short, shorting the top would work however it would not be ideal and we would rather play it safe with better R:R.

other indicators such as the rsi and stochastic are also hanging by a thread and would need a reset to break out of the downtrend, if we do however break this and go up we can all safely say that the power to push past the resistance lines would be too weak and would just be a bull trap.

THE ABCDE rising channel spotted on this chart also indicates we are getting close to decision time.

A close below the 3550 on the daily would invalidate this and would also be our stop loss

first target of 4241 has a potential 69% profits on x5 leverage

second target of 4420 has a potential 88% profits on x5 leverage

third target of 4600 has a potential 103% profits on x5 leverage

fourth target of 4800 has a potential 120% profits on x5 leverage

fifth taget of 5176 has a potential 150% profits on x5 leverage

STOP LOSS will be updated every time a target is hit to lock in profits.

thank you very much for taking your time to check this and we will appreciate your comments
Trade closed: target reached