Bitcoin Technical Analysis: The Bears Hit Back
In my last update, I told you bitcoin was ripe for a correction. Since then, bitcoin tested and was rejected off the $6,540 resistance. It has since corrected back to roughly $6,410.
The daily chart shows price finding support on the 8 day EMA.
Regardless of short term price movement, I think it’s important to keep in mind the big picture. Zooming out on the monthly chart (LOG Scale), we can see price is approaching the larger ascending support that’s been in place since the end of 2011. This would suggest a large bounce by the end of November. If price breaks below this support, it may signal new 2018 lows to follow. Either way, probability suggests a new trend will be established this month.
In today’s video analysis I discuss, where price may go from here, 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
As usual, great, balanced content. I come here often for some sanity!
Thanks @cedricthebull. I appreciate the kind words.
Great analysis. Longer term we are still in this beautiful uptrend
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Thanks @vlemon.
It's always great to look at the bigger picture at time, that monthly log chart shows / tells we are at the moment of truth / crossroads.