Bitcoin is building a head and shoulders

8 juin 2019

Bitcoin is building a head and shoulders

We see the daily trend, bitcoin after a few days of consolidation, seems to find support at $7,400, gradually reversing the bearish trend. But we also need to see that there is a head-and-shoulder pattern building up here, and if the rally does not exceed $8,500, adding to the short trend of macd, we cannot give a clear long logic.

Look from gains, before there was close to the prediction of high area, and in the second quarter is almost 3 months of continuous lift, long profitable, the 19th of this month, Chicago board of trade of cme xbt will complete the final delivery, 2 quarterly contracts at the same time also will be completed by the end of this month delivery, given the losses of the shorts, we shall have to be careful enough. If the long end lead to stampede behavior, do not rule out the market will appear a big shock of the market.



The current rebound trend, although looks very strong, but there will be many problems, ok's quarterly contract from large premium to discount, bm's XBT sustainable contract price is lower than the spot price of coinbase. Mainstream currency division, the total market value loss of $30 billion, compared with $40 billion before the $4200 entry, a large number of low profit from the market. So if we see it in this position, we need a very clear bullish signal.



strategy

There are no good trading opportunities in the short term, so stay on the sidelines. If you're a big believer in bitcoin and want to keep it for the long term, I suggest waiting for a relatively low entry.

In contract trading, where returns are not good, HFT's golden period is often a retail tragedy. It is better to hold cash and wait for the bulls to give up. If it doesn't bounce back to $8,500, there could be a consensus of expectations, which would be a golden opportunity