BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
After seeing a rise in the price of 1600$ (23%) in 6 days, can we simply assume that Bulls wons and that we only long from here?

Well not exactly, it's the 4th time that we get massively rejected on the top of the trend line , this means that bulls are far from winning at the current moment, in fact now bears could get an advantage.. Why?

- Over 300$ rejection after hitting the top;
- Oversold on Rsi ;
- Really big sell pressure;
- Top of the Ichimoku Cloud working has a Resistance;
- Didn't manage to break MA200 yet;

So does this means we are going down then?

Well that's the hard part to anwser, we got last night a re-test on the 7 760 - 7 850 if bulls manage to hold over the day, we can still have hope of a break before the end of january.

If not, then 7 270 - 7 460 will be next area to be re-tested and probably quickly too.
But there are still good news, if we zoom in a little we can see that we broke an important triangle, this means that a re-test at 7 760 - 7 850 is normal and from here a re-test of 8 500 would make sense.

How to play in this situation?

My personal bias currently is bullish , mainly because of my 1W chart (Will show it below) Bitcoin has been on a bullish rise since the beginning and if we look closer bottom should be in at 7 100.

Currently bottom is around 7 270 so i will put longs orders ladder down to there!

Here's my current orders:

Long: 7 270 - 7 330 - 7 480 - 7 550 - 7 760 - 7 850 (Took profits at 8 100 on my 7 950 order)
Sl: 6 950

Short: 8 560 (This one is risky so don't put to much if you try it)
Sl: 8 670

When i ladder i don't use more than x5 - x15 leverage.

So there we go, right now i'm waiting to get a long entry at 7 760 - 7 750 let's get it!!!

If you have questions feel free to ask, or click on the link below you'll be re-directed to my groups.

Comments

Nice work
Reply
@Frixion, Thx man!
+1 Reply
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