Bitcoin has been consolidating for the last 5 days. I believe it’s about to make a larger move as it approaches a key support.
My bias is to the downside. I believe a drop to at least $7,900 is very possible. From there bulls can hope for a double bottom scenario...but I’m not holding my breath. If $7,900 breaks, I’m expecting a drop to the $7,700 support zone.
Looking at the 4 hour chart, we can see the 8,21 and 55 day EMA’s all converging on each other...as well as the 50 and 200 day MA’s. The Bollinger bands are also tightening. This suggests a larger move is coming in the near future.
In todays video analysis, I discuss many possible scenarios, including the bullish point of view, the key resistance that must be taken out as well as where I’m stacking my buy orders.
Watch my video analysis for MUCH more detail not found above. If you’re not watching my videos, you’re only getting half the story.
If you’re viewing this on a site other than Steemit, and you don’t see the below video, navigate to Steemit in order to watch.
Video Analysis:
BIAS:
Short Term: Slightly Bearish
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