Looks like a descending wedge, which is a bullish corrective pattern. Let's see how this plays. May allow for more altcoins to have a party while the BTC wedge concludes.
Bitmex liquidation percentages showing where it can all go wrong..or right!
LEVERAGE
LONG SHORT
X25 -3.38% 3.7%
X50 -1.47% 1.55%
X100 -0.49% 0.51%
Knowledge is power, and power is nothing without action! :0)
Longs to 9800 level. Price previously gave a big bullish 4 hour candle stick that completely retraced at a previous support and I am expecting another bullish push up into the resistance around $9800 to $10,000
Bitcoin is approaching a key level at $8400. It is also been ranging at key resistance and If there are spikes being left to the downside we could be rebounding back up to $10,000
However, I believe it could be linked with the rally on the SP500 in recent time which has also started to stall at key resistance. Bias is short once we can break below the $8400 with...
I still have bullish bias on this one! Still expecting the target of the last triangle I posted to be reached (as the height of the triangle hasn't changed since then). Happy to be wrong though. I believe the next break up or down won't be a fake out as the triangle seems to be coming to a conclusion.
A massive symmetrical triangle has been playing out. This is a neutral chart pattern. Either way (break up or break down) I don't think we will have a decisive break of this triangle this year.
I have outlined how a bullish break could play out. The lines that are drawn have not been analysed in terms of price or time. They are purely conjecture.
In my last post about BTC I showed a triangle that was playing out. That triangle may have been drawn too hastily and it broke down. However, I did post updates of the bullish divergences racking up and the lack of velocity to the downside prompting me to believe it was in fact going higher.
Classic ascending triangle has been formed, BTC has broken out of said...
Short term ascending triangle reaching conclusion. Ascending triangle would assume bullish posture but BTC could do anything! Taking (roughly) the height of the triangle and assuming it breaks soon; here's the upper and lower targets!
BTC lack of bullish reaction to a week full of central bank stimulus means I'm looking for shorts.
0.50Fib level + 7000 I hope will both act as good levels to short from.
