Bitcoin Technical Analysis: Ready For Next Move

Bitcoin has been consolidating within a wedge for the past 48 hours. It looks ripe for a breakout, up OR down, in the near future. If price breaks down, bulls will watch for a double bottom bounce around $6,100. If this support breaks decisively, a drop to $5,900 is likely. If price breaks up, bears will hope for a double top around $6,630. If price can break above this, we can expect a test of the $6,750 resistance.

The 4 hour RSI reveals a clear descending resistance that's been tested multiple times. A break above this resistance may indicate a bullish shift in momentum.

Looking at the 1 day chart, we can see the 8 day EMA has dropped below the 50 day MA. The 21 day EMA has dropped below the 55 day EMA. These are more signs of market weakness.

Shorts are stacking in nearly a straight line. This suggests market makers may go stop hunting, driving the price up temporarily, before a larger drop.

In today’s video update I discuss traps to avoid, price movement, preparation for various scenarios 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 TIMM (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

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by Workin2005

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