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Having exited previous short when we moved out of a 2-week long descending channel, I am now on the look out for a new setup. While we have left the descending channel, current sentiment remains bearish:
- 4H and higher timeframes remain below the Kumo.
- Despite a significant short-squeeze, bears have been able to robustly defend resistance around 6600.
The Bitmex XBTUSD 2H chart shows an almost 2-week long ascending channel that requires a bounce in the coming hours to remain valid.
After a solid few days of testing resistance at 6400 and posting higher lows, ascending triangle is formed with break up or down expected in the next 36 hours. Price will also breakout kumo cloud on the 1H chart emphasising bullish momentum last few days.
However, volume remains relatively weak meaning positioning requires vigilance.
Stop loss moved into profit ...