Technical Analysis on Bitcoin: Short Term and Longterm Price Movement

In my video analysis yesterday, I warned of the strong possibility price would break down to at least $7,900, and probably $7,700. Shortly after, price broke down to almost exactly $7,900 ($7,849) and was quickly rejected back to $8,100. Shortly after that, price broke down to $7,654 (almost a perfect hit on the 0.618 fib level).

I told you if price hit the $7,700 support zone, I was going to play a very quick scalp trade with buy orders between $7,700 and $7,650. I had my orders filled, but quickly got out at $7,790. I didn’t like the lack of volume or the way it very non-impulsively bounced. This was a sign of weakness, so I decided to take my tiny profit and run. If you’re still in on this trade, be careful.

We are seeing signs of weakness all throughout the market. I’ve warned you all many times of the possibility we might be in an ABCDE pattern. Given the FUD, lack of volume and hidden bearish divergence (same as the last bull run when we went to almost $10,000), I’m seeing a very real path to at least $6,800. If that does play out, it might look like this:

The most bullish scenario has bitcoin on primary wave 2. It might come down to the $7,400 demand zone, test the prior descending resistance line (now possible support) and impulse up from there. For this to happen, we MUST see volume increase greatly. Here’s how it might look:

In my video analysis below, I discuss the set ups I’m looking for to enter various positions. I also warn of traps to watch out for, as well as where price might be heading in the short term. If you’re not watching my videos, you’re only getting a tiny 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 https://mentormarket.io/profile/@workin2005?aff_id=Workin2005 in order to watch.

BIAS:

Short Term: Neutral
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

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