Bitcoin May 24 Morning Update Technical Analysis - Supports, Resistances. Bullish? Bearish? Mixed Signals
General Tone:
On the bullish find, we'll find confluent support at the 0.786 fib region on a small degree, the 0.65 fib region on a very large degree, and the major trend line support established since November, which is between the $7,000-$7,300 range.
On the bearish side, we'll break through $7,000 and test $6,500. Where is $6,500 doesn't fail, we may see $5,000 ranges.
Long Term Bias (6+ months) - Bullish
Medium Term Bias (Next Week) - Neutral
Short Term Bias (Today) - Neutral
Long Term Target Prediction by 2019 - $35,000(ATH)
General Tone:
On the bullish find, we'll find confluent support at the 0.786 fib region on a small degree, the 0.65 fib region on a very large degree, and the major trend line support established since November, which is between the $7,000-$7,300 range.
On the bearish side, we'll break through $7,000 and test $6,500. Where is $6,500 doesn't fail, we may see $5,000 ranges.
Long Term Bias (6+ months) - Bullish
Medium Term Bias (Next Week) - Neutral
Short Term Bias (Today) - Neutral
Long Term Target Prediction by 2019 - $35,000(ATH)
Bullish View
Bearish View
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Thanks for the update! Great analysis! I look forward to starting to watch your tutorials this weekend
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Same here. Bought the course, few hours later while watching it, made some money off LTC which basically paid for it. So yeah, worth every dollar. I cannot wait for the EW course. Then again, Phil goes over it every now and then in his TA update videos and live streams.
If we don't hold at this level we could be seeing a drop towards $3,000. Weekly showing a potential double bottom formation @ $7,000
Keep up the great work :)
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I try to understand where´s a good zone to buy for a bearish market and thats all for now.
Upvoted and resteemed! Thanks Phil!
Thank you :)
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Just started watching not too long ago, already learning so much! My biggest take away was the .786 and .65 fib range. Can't wait to learn more!