Looking at the weekly chart, we can see 3 major areas of resistance price is currently hitting. The first is a major descending resistance line that’s been in place since April of 2018. The second is the top of the wedge (possible bear flag) price is consolidating within now. The third and last is the area of resistance between $4,000 and $4,120 I’ve been discussing over the past couple months.
Zooming in on the weekly chart reveals last weeks candle closed as a doji. This is a neutral candle and suggests an epic battle between bulls and bears to either break above resistance, or reject hard off of it.
In today’s analysis I discuss where price may be heading next, key areas of watch, 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!
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Feature Image By: Saul Gravy