Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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1) We push and close (H4) above $8200 this would indicate to me that even price is at a premium, the bulls (the trend is strong) and we will go swept highs at $8900-9000. I would long its re-tests.
2) If we will find the support that would react in strong bullish reaction I will long re-test of the breakout at $8100 and targeting highs at $8900-9000 (back to 1st scenario).
3) If we will not push higher immediately, it is possible, we will visit $7800-7900 level and I will pay myself here (pay trader) from our $8200 shorts and will be watching how much this support is strong. If it will be weak, we will "rally" up to $8000 (in this area $8000 you can add into your shorts) and sell off again down to $7500.
4) In this scenario, price broke $7700 level and my eyes are at $7500 level where I am expecting another support, if you are still holding your shorts here, you can sell another part and add more at re-testing $7700 level where price should reach from our outlined support at $7400 and sell-off from this $7700 again down to $7200.
5) This area is a key pivot for me, once we lose it, we will have High time frame market structure break and it is very possible we will visit $6800 and lower levels. If I will see that price has found support and bullishness at $7500 followed by a breakout up to $7700 I will close all my shorts and again switch to swing long up to $9000. Why? In this case, strong support followed with LTF reversal caused losses of late shorters which can put an injection of their liquidations and push price higher.
Comment
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I do a daily observation of major currencies in forex and crypto. Do not miss any move, high-valued analysis or educational content.