Cryptocurrencies

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.

Screen Shot 2019-05-06 at 4.19.08 PM.png

Price is still trading above the 21 and 8 day EMA. This is a sign of strength…at least in the short term.

Screen Shot 2019-05-06 at 4.19.48 PM.png

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.

Screen Shot 2019-05-06 at 4.20.12 PM.png
Screen Shot 2019-05-06 at 4.20.26 PM.png

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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