Technical Analysis on Bitcoin: Quick Update

This will be a very quick update guys. I’m going to be with family all day and away from the computer...

Yesterday I warned about the strong possibility of a bearish breakdown. Today we saw that break. Once again, Bitcoin was unable to break above the larger descending resistance line. There’s strong support between $6,000 and $5,800.

For now, my primary count is the bearish scenario I’ve been discussing for the past 2 weeks. I believe bitcoin is in wave 1 of 5 waves down. The only hope for the bulls will be for the $6K support zone to hold. If not, bitcoin is very likely to drop to at least $5K.

There is 1 possible bullish count that has not yet been invalidated. It’s possible bitcoin is in wave 2, of 5 waves up. This is NOT my primary count, but can’t be dismissed quite yet. A drop below $6,140 will completely invalidate this count.

I apologize for the lack of depth in this update. As I stated, I’m going to be away from the computer today, but wanted to keep you all in the loop. For some additional thoughts, please refer to yesterdays update here:
https://steemit.com/bitcoin/@workin2005/bitcoin-technical-analysis-change-is-coming

Let’s see how the next 24-48 hours play out.

BIAS:
Short Term: Bearish
Longterm: Very Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Thanks for stopping by.

If you found this post informative, please:

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FYI…I just started a Facebook and twitter page where I’ll post analysis, along with other relevant crypto data from myself and others. If you’d like to be notified as soon as updates reach Steemit, the twitter handle is @Workin2005 and the Facebook page is https://www.facebook.com/Workin2005/

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by Workin2005

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