Bitcoin Technical Analysis: CONSOLIDATING BEFORE NEXT MOVE
Bitcoin continues to consolidate just above of the $3,800 support on Coinbase. Volume remains low overall, which is a bit concerning. Price is being squeezed as the bulls and bears fight for control. I wouldn’t be surprised to see a larger move in the next 24-48 hours.
Looking at the daily chart, we see price is hovering right on top of the 21 Day EMA.
In today’s video analysis I discuss, various scenarios to prepare for, where price may be heading next 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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Just recently started following your stuff.
Thanks for the info and perspective.
A new era perhaps.
Thanks for stopping by @lionsuit.
Hi there ! Nice analysis, do you have any probabilities for this move being upward or downward
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Thanks @vlemon. As of writing this, both longs and shorts are stacking simultaneously...which is unusual. Volume has dropped off. As I said in the video, this is a no trade zone for me precisely because I can see a break in either direction. Regardless of short term price movement, I’m seeing no sign of a bottom yet.
Yeah, playing that consolidation might be just giving money away.
Agreed. I’m just not seeing any short term trade setup...not yet anyway.
Since the second half of December up until recently there has been a big surge in the price of BTCUSD that could have started an uptrend.
After a retracement last week the trend might continue upwards.
It certainly could, but we’re going to need a massive increase in volume for a sustainable bull run.