Bitcoin Technical Analysis: PRICE DROPS...NOW WHAT?
Bitcoin is down nearly nearly 2% today as price dropped below the $3,800 support. It’s currently trading around $3,700 on Coinbase. This move was not unexpected as we’ve been watching price consolidate for nearly a week.
Looking at the daily chart, we can see it’s broken below the 21 day EMA. The next major support sits just above $3,600 on the 50 day MA.
Zooming all the way out on the weekly chart, we can see just how bearish the market still looks. I pointed out last week the tightening of price within what looks like a larger bearish pennant.
In today’s video analysis I discuss, where price may be heading over the coming days and months. I also review key areas to watch, possible trade entry and exit points, traps to avoid and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) or Steemit in order to watch.
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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100% agree. $3600 is the support level I arrived at yesterday too. I'm expecting to reach that level around the end of the month before another gradual climb back up to $4000 during the month of April.
I’m leaning a little more bearish in the next month. As I covered in the video, I wouldn’t be surprised to test $3,400 or below before the market turns around...but we’ll see. I’d LOVE to be wrong.
Thanks for stropping by my friend. BTW...Voting is now open on the Trybe Holochain article contest. Just voted for your and gordonbuckley's (aka Cryptos-Decrypted) articles. Nice work!
Ah don't say that!
It doesn't really matter though, I'm buying a little each month (up to and including May), so a price drop to $3400 will work in my favour if it does happen.
Thanks for the votes, I voted for us too (and the three others I considered best).