Good afternoon traders!
This is why you don’t long into resistance or short FA bullish.
For the last 3 days I have insisted we stay flat and I’m extremely glad to say this is the only bitmex group root :tm: Bitmex Gains that has not been impatient to get into any plays that are clearly not there. And still if you didn;t join the group message me and i will...
Price is currently trading below the resistance at 7300 which is also .618 fib level, bearish divergences on 4hr and smaller TFs. Although every indicator is bearish it seems like we are gonna break 7300 and push for 7500 for the short squeeze.
I'll be looking at the 7600-7700 very carefully as we are about to test the long term trendline resistance.
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I'm made really gud profits on Bitmex in past few weeks n I can't express my happiness but on the other hand I'm losing my confidence on BTC..was pretty sure, when this ETF news was at full hype.. we'll see nice correction in few days but I didn't expect such sharp drop we just broke our 675.. support Btc has to stay above this key support . Well it's market...
BTC has been ranging on the daily but on the 4H it seems to be forming an H&S pattern which is confirmed by the volume profile. A break below 6430 will confirm the pattern and will onset a downtrend. Further the RSI seems to show bearish divergence on the 4H.
If the price action breaks above 6700, this pattern would be invalidated. Therefore, a little patience is...
We might see a head and shoulder form because of resistance at 6700 according to volume profile. Then we might see a push back to previous support level and then bounce there till 7600 where most of the volume is located.
An inverted head and should pattern is being formed while right shoulder still in play. If it forms out well the we can expect healthy retracement upto 6300-6200 levels and then if the Neckline holds then we expect a Bullish sentiment.
price so far has moved within these points.
A close above/below these support/resistance points would mean price movement to that particular direction.
Yellow = Weekly
White = Daily
Blue = Hourly
Higher timeframe shows better price movement.