Bitcoin Analysis: Consolidating Before Next Move
Bitcoin has been consolidating on top of major support at $7,500. It seems to be getting squeezed within a small wedge, currently trading around $7,700. Daily volume has died off a bit as traders are waiting for the next move.
We’ve now seen a daily candle open and close below the 21 day EMA.
Long and short positions are both dropping, suggesting a lack of confidence in direction.
In today’s video I discuss where price may be heading next, buy and sell targets, traps to avoid and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) or Steemit in order to watch.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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I like the support, but I guess with the wedge, the breakout in either direction is possible
Yep...certainly an equal opportunity pattern. If it breaks up, I'd expect a rejection around 8.0-8.1K, then further downside IMO. If a daily candle opens and closes above 8.2, I'll become much more bullish.
If only we could adopt more privacy to eliminate hackers from intruding and dumping big btc hacked from exchanges the price will go higher than this. Hackers are doing more harm than good. Lets get in more privacy like veil and monero then enjoy good speed of crypto.
is there any possibility to seeing bitcoin @ 15k$ this year? I think I have lost every taste of bitcoin. I'm currently keying into some privacy coins. Among them in my list is Veil coin and Zcoin.