$BTC 0.382 Fib and 50 SMA Bounce | Will it hold? #Bitcoin #XBT
Been short hedged since getting the "Close" signal on my GTS strategy code at just under 12k (See results of my code over the last 2 years at the bottom of this page). Below is a link to a screen cap of that position on Mex .
Bitcoin just bounced on the 0.382 Fib retracement taken from the bottom in December to the recent top. I suspect further downside, but I am perfectly hedged at the moment and happy to stay short until my code gives me another signal.
At the moment the only way in which I get another signal would be if we cross the black dashed line in the chart in the next 7 hours before the next 12-hour candle closes. The dashed line is currently at ~11500 and will move down toward the current price in dynamic intervals every candle close, accelerating and decelerating relative to the price action.
I am still short, but if BTC was to establish a new range, this would be the first place I would be paying attention to. One thing I am seeing is that we are dropping at descending and the Bitmex funding is still overleveraged to the long side.
This could mean we haven't capitulated with this move just yet and more pain is incoming for the bulls.