Technical Analysis on Bitcoin: Waiting for a Correction
Bitcoin is overbought on the 4 hour RSI.
It’s also well above the upper Bollinger Band on the 1 day chart.
My bullish count has bitcoin correcting back to around $7,000-$6,850 before beginning wave 5. Watch my video analysis for other scenarios:
In todays video analysis I discuss the target range for a likely correction. I also review the bigger picture and what we should prepare for in the next few weeks.
*PLEASE NOTE: If you're viewing this on a site other than Steemit (like Steemfollower), you may need to navigate to steemit to watch the below video.
Video Analysis:
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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Published on
by Workin2005
I love this post and watch nearly everyday. I am not investing at this point, but watching you work and doing my research is helping me learn for when I make the jump into investment. Thanks for what you do. Truly.
Thanks @curtross. Glad to hear it's helping you.
yep, ill keep on giving you upvotes...im enjoying the education.
Nice post and thanks for sharing-Upvoted, your friend from steem follower
https://old.steemfollower.com/?r=4599
Thanks @ehabakhdar.
It is my pleasure.
Bitcoin is one of the few cryptocurrencies without a pullback after the strong buy. This makes me think that another strong up-movement is coming in the next days!
That's very possible. I'm impressed with how the bulls have defended their gains so far. We had a drop of about 1 billion in volume on the 19th vs the 18th...but it's still strong relative to the rest the month. Things are getting interesting.
I think that BtC heard you say that it was overbought on the 4 hour RS and daily Bollingers, then it giggled, then it carried on up!
I only wish it would take my NEO with it...
I mention in the video the 4 hour Stoch RSI was oversold while the 4 hour RSI was overbought. This suggested a short term spike, followed by a correction. Let's see if the correction takes place. Looks to me like a possible quick double top and then a drop. We'll see how it plays out.
Traders are behind the buying of Bitcoin and they are making their profit on buyingat every Dip and selling on up trend from the Janury 2018.do any trade after knowing .there way.
nice concept sir..
@workin2005 You can read ....
Is that a question? If so....yes! I can also write, do cartwheels and various party tricks.