Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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profit taking on the red lines, 25%, 25%, 35%, 15%.
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first profit line already filled, with this momentum I'm pretty keen on BTC bouncing at the channel bottom like on Feb. 6th. Volume is returning which is a good sign for the long term since at this point I can't see a huge volume outbreak to the downside.
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Possible bearish continuation pattern forming on the 4hr, RSI's getting overbought quick and bear volume is still stronger. Kept a stop loss a little above the top resistance with enough room so a bull trap can't stop me out.
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Rising wedge continuation pattern seems completed and 4hr RSI is almost fully oversold. If it does dump I'd expect a retest of 8k, 7.5k or straight to the bottom of the channel charted in this idea.
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Clean break out of the rising wedge to the downside, used parabolic support to attempt to gauge timeframe.