Bitcoin Technical Analysis for 8/24/2017
Bitcoin is in a range. Are you trading it?
Bitcoin has been trading in a range for the past week. In this chart you can see it with strong support at $4000 and resistance at $4400. Also, look at the volume, particularly the big Red candles. Those volume candles confirm the support areas; they serve as clues.
Today we are approaching the resistance area. Keep an eye on it to see if Bitcoin can break above this resistance and can hold. I believe a breakout must be confirmed with volume. If not, the price may fail back into range.
I believe this range presents a good trading opportunity.
Thanks @pairmike
Hi @pairmike, I am trading it (Bitcoin) and publish my trades here on steemit everyday... Pls have a look :-)
I looked briefly. I'm following you and will view it more closely tomorrow. Thanks for sharing.
Thanks :-)
Bitcoin rocks
Yes, it does.
Whats your time frame on these candles. Its interesting with arbitrage as polo listed BTC has yet to break 4400 and is possibly forming a lower high to creat a descending megaphone (polo has a big market share of volume). I personally see a price peg and dumping. Its a midground trade up here, i've got a bearish bias as in BTC went parabolic, pullback is do and waning momentum and increased volatility are always indicative of that.
Def trade the channel until it breaks! Nice brief analysis!
Those candles are 12 hour time frame. I don't trust Polo anymore. In fact, when I start to hear too many people complaining about an exchange, I stop using them. This has saved me several times. I left Mt Gox, Cryptsy, and Poloniex before I lost any funds.