Quick Bitcoin Update...BULLISH REVERSAL OR BULL TRAP?
This morning I told you if price rises above $6,300, I’d start to have a more bullish outlook...at least short term. It looks like a possible descending broadening wedge (Bulkowski’s wedge) MIGHT be forming. If correct, this is a bullish reversal pattern.
I pointed out in this mornings video that the $6,280 resistance is also the 0.618 fib of this latest microstructure. A break above this zone may result in a rise to at least the $6,600 target. A strong rejection off the 0.618 fib will likely result in a retesting of the $5,850 support.
In tonights video analysis, I discuss price movement in the long and short term, traps to avoid and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
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 Bullish
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
Its crazy right now, have no idea where price is going to head next.
It is crazy...but I love watching the show. Maybe that makes me crazy?
good analysis and nice info. sir..thanks for share..
Thanks
Bull trap
bull trap
It's a trap!
Could be...
It seems Whales are still manipulating the market prices ! Hope institutional investors come soon !
I think many are waiting for the SEC decision on ETF’s. That said, investors should come in early speculating on the September decision.
Guess what....nobody has a clue where the price is going. Noway to predict future so why waste time trying to do so. Buy if you like it and think its cheap, sell if you think its overpriced or you no longer want to own it....its just that simple. No Guru or chart knows anything more than you or I, so do what you think is best for yourself.