SubvertoTradingClub

BITCOIN: Breakdown the range, what are the targets?

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Hello dear traders,

Let's keep it simple.

  • Trading plan:
    - XbtUsd daily closed under monthly open and brokedown the boring range.
    - Watch for a reaction of low 9k zone for two reasons: First reason, it's a support zone and it can create a bullish reaction.
    - Second reason, this zone held as a support already twice, and we can see a stoprun right under this zone and a close above the support => Buy back everything if this happen.
    - Daily close under 9085 and we see 8750 (first weekly level), then 8k, then potentially 7850 zone.
    - Short-term bias: Bearish . Watching for a reaction and probably short again.
    - Invalidation of bearish bias with a daily close above 10385 usd mex .

    For live updates on btc & alts, and for free exchanges, follow us on twitter and youtube (Two channels: English channel with English & French subtitles, and a French channel). And please, like the idea.

  • Weekly:
    a/ Market Structure: Upward structure still intact, but in consolidation. A test of 8750 zone looks very possible on this chart. 7700 too. But require a lot more confirmation.
    b/ RSI: Reset in progress.
    c/ MACD: Above line 0, and under a bearish crossover. Consolidation still in progress.

  • Daily:
    a/ Market structure: Possibility of a downtrend becomes stronger and stronger. Just stay aware of the possible bullish reaction on support. And please, stay aware that as long as the weekly doesnot close under 7k, bitcoin isnot in a bear market.
    b/ RSI: Momentum is breaking down.
    c/ MACD: Under line 0, and under bearish crossover.

    Cheers.
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