Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Once again Bitcoin is starting to squeeze so another major deciding point is coming up!
We recently had a small bounce right out of the fractal support zone and support trendline. Unfortuently, before even having the chance to test the top of the wedge we were knocked back down to test the same support levels again.
Generally it is not a good sign to test a support level so soon after a bounce. However, we must wait and see what the market decides.
The chart above shows multiple support and resistance levels that Bitcoin may test. We must treat this like a game of ladders. Bitcoin must make the first move and then we will be able to react accordingly.
I hope this chart helps and I wish you all the best of luck!
DISCLAIMER: Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
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BTC has succeeded in breaking out of the Wedge. However, I must admit I expected more upward movement from that point. Instead we returned down to test the resistance of the precious wedge at which we found support. Since then BTC has had trouble gaining momentum in either direction. However for the moment it looks like it could be heading up. I am waiting for BTC to break out of what I call the limbo zone before I make an leverage trades.