Key Level. Lots of short sellers. First Major Resistance of Bear Market. Profit Taking. $FREEMONEY (if i get liqudated i will flip perma-bull and long the dips)
On the weekly XBT chart on Bitmex I have circled some doji candles. I have circled the doji's at the end of a trend. As you can see after each doji there was a trend reversal, or if you don't wanna say trend reversal you can call it opposite direction for 1-2 weeks.
We have just formed what is appearing to be another doji candle at the end of a downward trend,...
We are in a clear downtrend is for sure but I am thinking before that we need go up a little bit to get "fomo" longs and rekt them later to fuel up our dump
My plan is to trade this volatility regardless of direction and is simply involves setting both a buy and sell order $40 above and below daily open market price, each with a stop loss at the daily open price, then at the end of the day close the positions and set up for the next candle.
The logic being that on any given day no-one really knows which way XBT will...
BTC will test lows at around 3200 dependant on exchange, possible play for a higher low but that seems to obvious...
Looking for a fake out to the downside with a wick hitting around $2984 on the exchange Bitmex, but around 3k is the bottom for most exchanges then a move to test 6k (previous market structure).
I have marked in some of my 'working' to show you why I placed the modified Schiff the way I have (green lines show the placement). This highlights the possibility that we have already broken out of resistance and could head to the next area of resistance.
The long term descending triangle (bearish formation) and a medium term symmetrical triangle (neutral formation) both come to a conclusion rather soon. The shorter term triangle should conclude within the next few days and that break up/down should also finish the longer term triangle.
Outlook is neutral/bearish. This doesn't mean that the price can't break...
Typically we move upwards from a falling wedge. I see us, potentially, hitting around 6380 - 6370 with a move up towards the wedge resistance with a possible break out upwards. Confirmation of break out will be 6480 with a target of around 6680 - 6720. There is also a falling wedge on RSI giving some confluence that we may break up. Will be interesting to see how...
Bearish flag broken after the massive drop from last week's fundamental news and shorts taken on biftinex. BTC heading below the 6k level looking to test support levels of 59 58. Hence Short position opened with profit targets for those levels.
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