After multiple attempts, Bitcoin has been unable to DECISIVELY break above the $6,540 resistance. It’s either temporary broken though and very quickly rejected, or rejected right at $6,540. Price is operating within a larger wedge, creating a series of lower highs and higher lows. In my opinion, within the next 24-48 hours price needs to break above this latest structures high of $6,640. If not, I think there’s a very good chance the bears will take full control.
As price approaches the apex, a larger move becomes more and more likely. If price breaks below $6,280, I believe it will quickly fall to at least $6,100...and likely $6,000. Conversely, a break above $6,640, could lead to a rise to at least $7,000.
Looking at the 4 hour MACD, we can see it reached neutral territory and then flatlined. The MACD and Signal line are sitting right on top of one another. This is rare and ofter precedes a larger breakout...up or down.
We can see a similar circumstance on the daily MACD.
The 4 hour chart reveals the Bollinger bands are starting to bottle neck. The 8,21 and 55 day EMA are converging on each other. The 50 day MA is also starting to converge on these EMA’s. This is another sign that we could see a larger move in the next 24-48 hours.
In today’s video analysis, I discuss my trading strategy, how to avoid many traps, price movement and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
Correction: In the video at 10 mins and 42 seconds I say “bear trap” . I should should have said “Bull Trap”.
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
