Bitcoin, EOS and Ethereum Technical Analysis: HERE WE GO AGAIN?
Tell me if this sounds familiar....
Bitcoin drops to $6,000 (approximately). Retail takes their short positions. Bitcoin rallies and shorts get liquidated. Everyone declares the bottom is in. Bitcoin rises somewhere between the 0.5 and 0.618 fib level of the prior high. Bitcoin crashes again to around $6,000. Repeat.
This pattern has been going on for 9 months. While there are some differences this time, I continue to encourage people to be cautious. Until price takes out the prior high...or at least rises above the 0.618 fib ($6,950 in this case), bitcoin generally remains in the bearish pattern it’s been plagued with for all of 2018. That said, if you watched my bitcoin analysis yesterday, you know this pattern will likely get broken in the next 4-5 weeks at most.
In today’s video analysis, I discuss the short term price movement of Bitcoin, EOS and Ethereum. Below today’s video, you’ll find key support/resistance areas for each coin. I hope you find it helpful.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
Bitcoin Key Areas of Support/Resistance:
EOS Key Areas of Support/Resistance:
Ethereum Key Areas of Support/Resistance:
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
Great points on needing new money in this market! This could be what is holding back the market as traders continue to trade the downtrend given the force of gravity. However, if some of these resistance points are past, it could definitely lead to more money into the market.
Thanks @newageinv. I agree. If price can break this pattern and climb above $7,000 (and that’s a big “if”)...we’ll likely see many new interested buyers.
nice analysis, @working2005... coming across your work for the first time. I hope to keep a close eye on it from now. The single question we all desire is whether the trend will be going up or down. lol. well that's by the way, have you heard about digitexfutures.com? A next generation platform with a promising future. You can trade futures on their exchange paying no charges at all. I think you would like to give them a try
Thanks @bait002. I haven't heard of it, but may have a look.
Great, you can join the waiting list from their homepage.
It would be great if you were right ! :)
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Mr @workin2005 I like those people who tell me about crypto currency you also is from on of them.