Bitcoin and EOS Technical Analysis: LOOKING FOR BOTTOM
Bitcoin has broken below key support ($5,500) on Coinbase. It’s dropped as low as $5,200 where it bounced. It now seems to be testing the prior $5,500 support. If the $5,500 support starts acting as resistance, price could very quickly drop below $5,000. If price can get back above $5,500, and consolidate, the bulls may have a chance to retake some ground.
EOS has crashed below many key levels of support. For now it found a bottom at the $4.28 support where it bounced. It’s now back above the $4.50 support. If the $4.50 support beaks a second time, I think an eventual drop to at least $4.00 become likely.
In today’s video analysis I discuss, where prices may go from here, potential areas to buy, 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/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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by Workin2005
Waiting for an oversold condition on the RSI and a cross of the 100 through the 200 week MA.
Oversold weekly RSI?
RSI, a technical indicator, reaching 30 or lower on the weekly chart indicates for bitcoin being in a long term "oversold" condition.
I talk more about it in my article here
https://steemit.com/bitcoin/@cryptomeeks/j1cajwap
Thanks and yes your video was extremely helpful...Learned a lot just watching. I am intrigued at how the charting works. I subscribed to your youtube channel and gave you a resteem.
Thanks...I’m glad they’ve been helpful. I appreciate you taking time to comment @thethreehugs
You are most welcome my friend...and thanks again for sharing your expertise.
Good, especially interesting, practical analysis of Bitcoin action in this one...
Thank you my friend.
Have you been following the crazy meteoric rise of Nasdacoin? https://coinmarketcap.com/currencies/nasdacoin/. At first I thought it was a pump and dump but it has been climbing since early Oct - going from a rank in the 400s to 77. Looking at the site I fail to see the appeal - there is a referral shill which goes through there own exchange but that is all. Thought maybe it was another Tatatu. Any ideas?
Sorry @sugarfix, I haven’t been following Nasdacoin. Couldn’t tell you why it’s pumping. I see it’s corrected about 25% in the last 24 hours...but still up 300% from 4 days ago. Interesting....