In my last update, I warned price may drop. The chart was showing a clear rising wedge. Price did drop, but not nearly as far as it could have. The fact that the $6,750 support held (neckline of prior inverse head and shoulders) is very bullish. Price is now trading between 2 critical zones...the strong resistance/supply zone between $7,030-$7,160 and the $6,750 support. This is a real crossroads in my opinion. A decisive break above $7,160 could bring price quickly up to at least $7,500. Conversely ,a drop below the $6,750 support could result in price falling to at least $6,540...possibly $6,300.
Volume remains relatively weak. As I continue to say...if the bulls are going to take control, volume MUST increase. Short positions are falling rapidly. However, long positions are fairly stagnant. This leaves market makers with no clear move. In other words, we may see the market move the way it should.
Retail investors seem to be taking a "sit back and wait" approach...and who can blame them? Futures expire later today. Traditionally we’ve seen a good amount of volatility right after futures expire. It’ll be interesting to see how the market reacts to this over the next 24-48 hours.
The 1 week MACD looks as though it MIGHT cross over into bullish territory. If this happens, it could bring in buyers who’ve been sitting on the sidelines.
In today’s video analysis, I discuss what to expect in the short term, traps to avoid and MUCH more information not found above.
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
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
If you found this post informative, please:
Open an Account on Binance here:
https://www.binance.com/?ref=16878853
Support the Crypto Ecosystem with Brave Browser:
https://brave.com/wor485
Twitter handle is @Workin2005 and Facebook is https://www.facebook.com/Workin2005
Published on
by Workin2005
The TD Sequential indicates a sell and there's also the 'risk' of a bearish flag. The last 2 TD sell calls were accurate..
Check out my post is you want to see what I'm talking about.
Cheers!