Hey guys,
Did you catch yesterday’s meaty Bitcoin blog post? I let out some frustrations around how the mainstream financial media doesn’t even bother to do the most basic of research around crypto, let alone understand it.
The blog also featured a look at the bullish price action that we’ve seen lately, but at the same time talked about managing your expectations until a new higher high has been made.
Take a look at the following extract and make sure you pay extra attention to the chart:
BTC/USD Daily
This was the last time we thought a bottom was in. Higher time frame support had held and price made a higher low on a short term retest that gave us a nice short term trade.
But with the market’s inability to then make a higher high, the overriding bearish trend resumed and we were smashed down to new lows.
I’ll leave you to look at your own updated bitcoin charts, but we haven’t seen any real damage done yet.
So in the meantime while we wait, let’s shift attention to EOS and some familiar looking price action:
EOS/USD Daily
See the similarities?
Really just waiting to see this bearish structure broken now.
✌🏻.
| Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
Instagram: @forexbrokr