Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Bitcoin (XBTUSD) is now aiming at EMA100 or $10,043. If you look at the chart above, you can notice that EMA100 has been working as resistance and rejecting Bitcoin's growth multiple times.
After a strong shake out, it is time to try again.
Here is the game plan:
1) If XBTUSD can break above $10,043 (EMA100) with good strength and volume, we can expect for it to move higher. This is the target/resistance that BTC is aiming at now.
2) If XBTUSD fails to move past this level, or remain above $9800 (EMA50), we can expect to test the low 9000s again.
I've drawn three different scenarios on the above chart:
Green. Moving past resistance with momentum.
Blue. Sideways growth.
Red. Breaking below support and moving lower...
We are seeing the green and blue scenarios right now playing out... Which one you think will materialize?
Namaste.
Comment
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Bitcoin update on the daily (1D) time frame ___________
Here's my TA