Bitcoin Technical Analysis: The Bears Were Victorious...Now what?

workin2005 (67)in #cryptocurrency • 7 years ago (edited)

In my last update, I discussed the battle that was taking place between bulls and bears. Price was operating within a larger wedge. I told you a major move was likely. Though it took longer than I expected, yesterday we saw that move in the form of a bull trap. Market makers pushed price up, took out some shorts and trapped many long. They then brought it crashing back down. It nearly reached the $5,850 support. The bears were certainly victorious this time.

Bulls were hoping for a major bounce below $6,000..something that clearly didn't happened. Bitcoin attempted to recover, but was strongly rejected at the $6,100 support. This was a sign of continued weakness. At this point, I believe price MAY again test the $5,850-$5,700 support.

Looking at the 1 day chart, we can see price remains well below the 8 day EMA.

Shorts are continuing to stack. I wouldn’t be surprised to see market makers run another stop hunt to $6,300, only to have it come crashing back down. If the bulls can manage to push price above $6,300, then $6,600 becomes likely and I’ll become more bullish...at least in the short term.

In today’s video update, I discuss results of the prior trades I outlined in my last video. I tell you the things I did right, and more importantly, the things I did WRONG. Hopefully it'll help you improve your trading strategy. I also discuss where price may go from here, how I’m planning to trade, traps to avoid 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: 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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