THE BULLS HANG ON...FOR NOW: Bitcoin Technical Analysis

Though it’s tried, bitcoin's been unable to decisively break above the $6,750 resistance (neckline of the prior inverse head and shoulders). Still, the bulls have held on to most of their gains..for now. As long as price remains above the $6,540 support, I’ll remain cautiously optimistic. That said, volume must increase for any type of sustainable bull run to occur. As of now, volume remains relatively weak.

Zooming in on the 4 hour chart, price seems to be operating within a wedge. This indicates we may see a larger move over the next 24 hours.

In todays video analysis, I discuss short term price movement, traps to avoid, trade setups, market psychology 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: Neutral and 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

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