BITMEX:XBTUSD bounces from significant 8k support level and daily close price perfectly fits .786 retracement level of recent bull run +double bottom on 1h chart.
BITMEX:XBTUSD is near support and resistance trends intersection. Avoid trading on failed breakouts without solid confirmation. If bullish next stop is around 15K, if bearish - around 8,5K.
We can see, that BITMEX:XBTUSD price currently fluctates around 0.382 of recent downtrend. At the same time it hits downtrend line without breakout. Declining trade volume of recent retracement confirms bearish market sentiment. Bullish on downtrend breakout +increasing volume, or still bearish.
BITMEX:XBTUSD is acting like it is going to break 12k resistance. However there is one failed attempt. Follow the volume on break of resistance or support lines.
BITMEX:XBTUSD demostrates signs of market strength. Higher lows and price action around support and resistance lines will promt buy trade.
Time to take a look at bigger timeframe for BITMEX:XBTUSD . Bullish reversal can occur, if market confirms its strength at 2h-4h timeframes.
BITMEX:XBTUSD is going to retest sub 12800 support level. Short entry at local lower high.