Bitcoin has been consolidating below the known $6,540 resistance for the past 2 days. If we extend the ascending support line of the prior wedge, we can see price has maintained above this support since breaking out. This is a bullish sign.
Looking at the 4 hour chart, we can see the 8, 21 and 55 day EMA's are converging. The bollinger bands are also narrowing (bottlenecking). This usually precedes a larger move, up OR down.
Looking at the weekly RSI, we can see it's being compressed with a wedge. As it approaches the apex, we can expect a breakout...again, up or down.
In today's video analysis, I discuss what to expect in the next few days, traps to avoid and MUCH more. I hope you find it helpful.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
