Bitcoin Technical Analysis: BITCOIN DROPS...NOW WHAT?
Let me apologize ahead of time as most of the analysis will be in the video at the bottom. I’m running out the door, but wanted to get this out to you before hand....
Bitcoin continues to look rather bearish. It’s approaching a decent support area at $6,280. I wouldn’t be surprised to see a small $100-$200 bounce, or consolidation at this level, before it’s next major move.
The daily MACD just crossed into bearish territory.
In today’s video analysis, I discuss short term price movement, traps to avoid and MUCH more information not found above. 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.
BIAS:
Short Term: Slightly Bearish
Longterm: Very Bullish
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
I wonder of those huge short positions entered last week are looking to cover here or expect a move lower. I would imagine they would look to take a portion in profits and hold some given the weakness seen. Seems as if the market is on the brink here...
I believe many expect lower as I expressed in the video. I think we’ll see some profit taking between $6,000 and $5,900. You’re right about the market being on the brink. This has the potential to get very ugly.
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