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1d. LONG signal. tho market seems to be dumping. we got the long signal from the daily close. Pay attention that this is only bitmex chart.
We need stronger confirmation of all exchanges for real LONG STRONG Signal.
today I see that...
Expecting the range to break to the upside. Downward momentum is super weak on big timeframes. Shorts are likely to get punished shortly ;). I do expect the new uptrend to be rocky as any new trend is in the beginning. I expect the next uptrend to lead to >$20K as the momentum on the last move to 20K was the highest ever and should have a followup move to push new highs.
Enter on breaching the converging angled lines in their respective direction. Also notice previous points of interest at the horizontal trend lines (green) and (red) from previous bart simpson formation. Swings have been between 8% and 13%, plan stops accordingly.
Short on a break of $6,600
BTC has failed to continue the bounce at a previous resistance (7,150). The quick fall opens up the downside for a new low around 5,800.
This is one of the few times I have seen such a large falling wedge in Bitcoin. Using the target rule in the investopedia article, we measure the wedge height and add that to the breakout price to get a target of 10779. I'm pretty sure Bitcoin is going much higher (like above $30K), but just for fun lets...
I would love a pullback to the 10,200 area where all the moving averages are converging and a bull cross of 50 going above 200 is going to happen. These are the best long entries with a stop bellow that area.
Go long at $10,200-10,300
I am expecting a massive rally starting at the trendline support and fibonacci support around $10,300 to around $12,300 which will hit the downward Trendline, followed by a decline to support at roughly $11,350.
I expect that to followed by one final push to $13,000 - where there is strong resistance from two long-term fibonacci retracements and a previous pivot...