Bitcoin once again tested the $7,500 support yesterday. Bulls successfully defended it for a third time in the last 6 days. Predictably, price jumped to nearly $8,100 where bears once again defended resistance. This latest bounce happened on very little volume. This continues to suggest many traders are either sidelined or holding, waiting for a larger move.
Price has been unable to decisively (daily candle open and close) break above the 21 day EMA….which is now confirmed resistance. A decisive break above would be significant in my opinion.
Zooming in on the 4 hour chart, we can see the 8, 21 and 55 day EMA’s converging, as well as the 50 and 200 day MA. The Bollinger bands are also bottlenecking. This suggests a larger move may be coming in the next few days.
In today’s video I analyze Bitcoin, EOS, BNB, LTC, ETH, BAT and XRP. We’ll discuss where prices may be heading next, key areas to watch, buy and sell targets and so much more. I hope you find it helpful.
From retired airline pilot to full time crypto trader. Trading cryptocurrency provided the means to walk away from a demanding career to enjoy time focusing on what's important in life - family and friends. Helping others navigate the volatile crypto market is an amazing bonus.