Bitcoin has held above $7,500 for 3 days now. We’re starting to see price get squeezed with lower highs and higher lows. It looks like we may see a larger move in the next 3-6 days. The weekly chart looks extremely extended. A decisive break below $7,500, could usher in a the larger correction many are waiting for.
Zooming in on the 4 hour chart, things are a little less clear. I can certainly make an argument for a short term break above the prior swing high. In addition to a tightening range (which could break either way), we’re starting to see a possible inverse head and shoulders pop up on the smaller time frames. This has not been validated yet. If it is validated, price would have a target of approximately $9,600.
A decisive break below $7,500, could usher in a drop to at least $6,500. I wouldn’t expect a free fall, but rather a more structured correction that looks something like the following.
In today’s video I analyze Bitcoin, EOS, LTC, ETH, BNB, BAT and XRP. I’ll discuss the bullish and bearish case for each, price targets, traps to avoid and so much more. I hope you find it helpful.
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.
If you found this post informative, please:
Open a free account on Binance here:
Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here:
Feature Image By: Saul Gravy