BTC CME Futures: Downtrend until after the halving...
Updated
This will be an unpopular chart but wanted to share my CME futures analysis as well. This chart has proved to be remarkably useful since inception of CME futures. Currently the weekly signal indicates prices will be under pressure for 11 more weeks after this one ends. Downside target might fail to be hit (4544.59), if it is reached, then it would be a tremendously good long entry but odds are low, since we have strong support at 7600 that might stop the fall, and we can't yet predict the 6445 level being breached.
Cheers,
Ivan Labrie.
Cheers,
Ivan Labrie.
Trade closed manually
The downtrend might fail, it was probably a selloff caused by panic surrounding the Coronavirus situation. Since liquidity is returning to global markets, it appears #Bitcoin isn't the exception. Sellers had a strong grip on it last week, thanks to panic selling and extreme leverage long exposure, but since most were margin called already, there's no room for further downside. If price breaks under recent lows, bears will regain control, but it seems unlikely.
Trade active
Shorted near 9100
Trade closed manually
CoveredTrade closed: target reached
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