Bitcoin is approaching the critical support zone I’ve been discussing for the past 2 weeks. This may be the bulls last stand. The neckline of the inverse head and shoulders coincides perfectly with the 0.618 fib level. Depending on the exchange you’re on, this is somewhere between $6,870 and $6,780. On Coinbase, it’s at about $6,811. If price breaks this zone decisively, it might find support between $6,600-$6,500, but more than likely will drop to $6,350 (0.786 fib). From there, I expect it to consolidate before testing $6,000.
Looking at the 1 day chart, we can see price finding support at the 50 day MA. The lower Bollinger band is just below, coinciding nicely with the 0.618 fib at the moment.
In today’s video analysis, I discuss the bullish and bearish case for bitcoin. I also point out the possible trade setups I’m waiting for, how not to get caught in a stop-loss hunt 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 https://mentormarket.io/profile/@workin2005?aff_id=Workin2005 in order to watch.
BIAS:
Short Term: Slightly Bearish
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
Nice analysis, it will be interesting to see if it retest the $6k level.
I think we’ll find out fairly soon.
We reached a critical value indeed. Depending on good news or bad news BTC could jump up to $8000 of down to $6200 I think. Let's hope we go up this time and stay there.
I think that from here its a straight decline to the lower low up to 4700$
Possible...If $5,800 breaks, I’ll agree with you.
Found it very informative. Upvoted.
Thanks!