Bitcoin Analysis: Trading Above Major Support and Below Major Resistance
Bitcoin is currently bouncing on top of what was resistance at $5,600, which is now a very relevant support. It’s also huddled just below major resistance at $5,800. A decisive break above or below either would be significant...at least in the short term. Price is trading within an ascending broadening wedge. Statistically, this breaks down about 52-55% of the time. Regardless, bulls have a good shot at testing $6,000. Daily volume remains relatively healthy at around $15 billion.
Price is still trading above the 21 and 8 day EMA. This is a sign of strength...at least in the short term.
Shorts continue to stack while longs are stagnant. If market makers attempt another short squeeze, we could see a quick spike between $6,000 to $6,200.
In today’s analysis I discuss where prices may be heading next, traps to avoid, key areas to watch and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) or Steemit in order to watch.
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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Good chart analysis and yeah I'm keeping an eye on a spike to 6k to take some off before a pullback.
Also, why the heck haven't you come on my show! Clearly you are good to go speaking about coin ;-) Do you ever jump into the TIMM discord channel, I can't recall?
Just seeing your comment here. I know we’ve already talked, but wanted to respond. Thanks for the interest @scaredycatguide. Did you take any off the board on that last spike?
Actually, no. The amount I have on exchange just really wasn't worth it, only bad thing about cold storage.
It pressing higher now so I may look to take off that smaller amount if we have a overbought push
Great post my dear friend. I truly hope this will go up 🙏🙏🙏
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Thanks @vlemon. I think the bottom is likely in...just looking for one more major correction before taking out the $6K’ish resistance.
As you mentioned with the short levels and also in @aggroed post; you are a lot positionnés and thinking this one will happen, which makes me think it will not 😂😂😂.
Crypto Market almost always caught traders and investors off guard.
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