In yesterday’s video analysis, I warned that the $6,500 level would more than likely not hold. Price dropped to approximately $6,130 (0.8865 fib level) before bouncing. It’s currently sitting around $6,500.
So have we seen the bottom? I doubt it. The volume isn’t there...at least not yet. I believe there’s a good chance price will test $6,000. That said, we could see price rise in the short term to reset oversold indicators. Shorts are stacking. I believe the market makers may run a stop hunt to liquidate shorts before the drop to $6,000. If price rises above $6,900, I’ll be much more optimistic that the bottom may be in.
Looking at the 1 day RSI, we can see it’s created a triple bottom at around 30.5. If it tests this point again, I believe it’ll likely break. That could bring price down to at least the prior low of $5,770.
In today’s video update, I discuss the market from a micro and macro point of view. I also briefly review my trading strategy, price movement in the short term and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
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: 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
If you found this post informative, please:
If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. Sign up here free of charge: https://www.binance.com/?ref=16878853
Brave is one of the safest, ad free browsers ever created. It helps support the crypto ecosystem by awarding content providers with BAT tokens. Join the revolution and download the latest version here, free of charge: https://brave.com/wor485
Follow me on Twitter (handle is @Workin2005) and Facebook to receive the latest updates. https://www.facebook.com/Workin2005. Also, make sure to check out TIMM (Traders & Investors Mentor Market), a STEEM based platform for traders and investors of all levels. You can find the link to TIMM below.
Published on
by Workin2005
