Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Bitcoin is printing a pretty decent Ascending Triangle with a proper volume signature. 10k level has been tested more than 4 times in May. As we know, the more times a certain level is tested, the more likely it is going to break. Next time we approach 10k (the top of the triangle), we are going to break it.
The full measured move out of the triangle is 1.8k (up or down)
For the bullish case we need to break 10k. If we do, I would anticipate a continuation to 10.5k and potentially to 11.5-12k region where we have a pretty old CME Gap
CME Gap
The upward channel still in play, Mid Line has acted as a great support lately along with EMA50 The top of the channel comes in line with the CME Gap
Here is why at this point in time 10k is important as never before A sustained triangle breakout would turn the macro picture upside down. The declining resistance trendline coming from the 2017 high of 20k has been very tough, but a tough resistance is supposed to break one day. A break above it would be VERY significant
What do you think about it? Are you bullish or bearish? Share your thoughts in the comments!
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If you draw a gann fan from 20k to 3.6k you get perfect alignment of the high at 14k and for me where the valid trendline lies. That then gives a level of around 11k give or take. Break that then I think we're off.
GeeWillikers
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plus a nice wedge at the same level :) (dont' want to jinx it!)
@CryptoBullet, no prob. Hopefully useful :). I would like to see the wedge play out ideally as makes it’s a bit easier to follow!
deepculturedj
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@GeeWillikers, hi tell me how can you buy or sell in the TradingView Mobile phone app iOS or android?
juujuu
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@GeeWillikers, You should make a realtime chart. Saw you havențt posted anything since last year on your profile. Maybe is time to start posting again. Cheers