Bitcoin is approaching the critical support zone I’ve been discussing for the past 2 weeks. This may be the bulls last stand. The neckline of the inverse head and shoulders coincides perfectly with the 0.618 fib level. Depending on the exchange you’re on, this is somewhere between $6,870 and $6,780. On Coinbase, it’s at about $6,811. If price breaks this zone decisively, it might find support between $6,600-$6,500, but more than likely will drop to $6,350 (0.786 fib). From there, I expect it to consolidate before testing $6,000.
Looking at the 1 day chart, we can see price finding support at the 50 day MA. The lower Bollinger band is just below, coinciding nicely with the 0.618 fib at the moment.
In today’s video analysis, I discuss the bullish and bearish case for bitcoin. I also point out the possible trade setups I’m waiting for, how not to get caught in a stop-loss hunt 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: 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
