BITCOIN Technical Analysis: CONSOLIDATING BEFORE NEXT MOVE
Bitcoin has been consolidating below the known $6,540 resistance for the past 2 days. If we extend the ascending support line of the prior wedge, we can see price has maintained above this support since breaking out. This is a bullish sign.
Looking at the 4 hour chart, we can see the 8, 21 and 55 day EMA's are converging. The bollinger bands are also narrowing (bottlenecking). This usually precedes a larger move, up OR down.
Looking at the weekly RSI, we can see it's being compressed with a wedge. As it approaches the apex, we can expect a breakout...again, up or down.
In today's video analysis, I discuss what to expect in the next few days, traps to avoid and MUCH more. I hope you find it helpful.
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
I don't think we'll go much higher on this move, volume has completely dryed up yet price's been going up, usually a sign that a correction is incoming.
Yeah...the lack of volume on that spike a couple days ago is a clear sign of manipulation. I think MM's are trying to scare people out of their short positions...but retail is getting wiser. The standoff is getting comical. I'm betting on a retest of the $6,310-$6,370 order block. From there I think we'll either see a bounce above the $6,540 resistance, or a collapse to test the prior $6,110 low. I'm ready either way.
I firmly believe it is going more or less sideways until the SEC decision probably this week that will once again reject the ETF and it will go down.
unfortunately this seems most likely.
I think we'll trade within a range until the SEC decision...but it's likely going to make a $300-$450 move in the next 48 hours in my opinion.
While I don't think the SEC is going to approve the ETF, I'd be surprised if they outright denied it. I feel a postponement is the most likely outcome...but we'll know soon enough.
I hope there is some followthrough as it can impact other assets like ETH that I picked up around $180 after last week’s call. Keep it up!
Congrats on your ETH position. I lattered in between $185-$175. Went ahead and sold at $215. Still...ETH has potential. There's almost no resistance between $225-$265. If bitcoin breaks bull, ETH will do very well.
My thought was to ride it a bit and then move into another altcoin with good long term prospects.
Not a bad idea.
Hi @workin2005 , Yes, you told me right for the price of bidoin, Sir, according to you, the growth in Bitcoin can be seen by the end of this year, thank you very much for giving this information, I have followed you, if possible So help me a little too much. Have a Nice Day
500 dust votes. This is some kind of bot votes or what?
It's suppose to be some kind of visibility booster another whale (who will remain nameless) recommended. All it's done so far is give votes...which just seems automatic instead of actual votes from people. I've seen no evidence of added exposure...which makes it worthless in my opinion.
Cool idea. First dust votes, then whale and those bots are boosted with SP from whale vote. I have seen that on spam posts.
This wasn't a spam post. It was an invite thing.
The idea of exposure is nice...but that's not how it's worked out. At least not so far. The concept was pitched to me as giving good content creators a chance for more people to see their posts...and hopefully helping to level the playing field on Steemit.
I'm tired of seeing people post a picture and get $200 worth of upvotes, when others put hours into their post and get next to nothing.
That said, so far it's worthless from what I can tell...and only making Steemit whales richer. I wouldn't recommend it.
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STOPStart to feel a bit stagnant. The question is...pick up more or just meh?
You could take a small position, but I'd keep a very tight stop-loss. Personally, I'm not doing anything but small scalps here and there.