In my last bitcoin update, I told you price was consolidating before making it’s next move. We discussed if price broke down, it'd likely find support between $7,400 and $7,350. Since then, price did break down into that support zone, briefly touching as low as $7,300 before the bulls pushed it back above $7,350. It now seems to be operating within a possible falling wedge.
I’m seeing mixed signals all throughout the market. For example, looking at the 4 hour chart, we see very clear bullish divergence on the MACD, Stock RSI and slightly on the RSI.
However, zooming into the 1 hour chart, we find hidden bearish divergence on the MACD, Stock RSI and RSI.
In today’s video analysis, I discuss what all this could mean in the short term and longterm. I also discuss possible trade setups, traps to avoid 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 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
