Bitcoin Technical Analysis: MARKET OVERVIEW
As of writing this, bitcoin is fully controlled by bears. It's broken below numerous key areas of support. Currently it seems to be finding some support near the bottom of the $3,800-$3,600 support zone. Bitcoin was unable to decisively break back above $4,000, denoting continued weakness and a likely drop below $3,600. The next area of support lies between $3,400 and $3,250. If price decisively breaches $3,600, expect a drop to at least $3,400.
The 1 week RSI is nearly oversold. Anything below 25 on the weekly RSI is a decent place to dollar cost average into a long position. That said, don't go heavy. Things may well get uglier before they get better, but I do believe they will get better...MUCH better! I stand by my statement that Bitcoin will be at all time highs by fall of next year.
In today's video analysis I give an overview of the current market, discuss where price may be heading next, trading strategies 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/profile/@workin2005) 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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Twitter handle is @Workin2005 and Facebook is https://www.facebook.com/Workin2005
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by Workin2005
It's a blood bath out there at the moment, weak hands are getting flushed out. I envision the Smart Money stepping by the end of the 1Q 2019.
Yeah...it's not looking great. I agree (said so in the video), I expect the market to have turned no later than the end of Q1 2019. I believe next year the flood gates will open like never before. Until then, I'll keep accumulating small amounts at each major support.
Thank you for the update my dear.
Posted using Partiko iOS
My pleasure @vlemon. Thanks for stopping by!
Great update! Watching closely to continue adding to some positions I started to build for the long term. May even buy some bitcoin!
Posted using Partiko iOS
Thanks @newageinv. Bitcoin is certainly looking attractive.