Cryptocurrencies

Bitcoin Technical Analysis: PRICE DROPS…NOW WHAT?

Bitcoin is down nearly nearly 2% today as price dropped below the $3,800 support. It’s currently trading around $3,700 on Coinbase. This move was not unexpected as we’ve been watching price consolidate for nearly a week.

Screen Shot 2019-03-04 at 12.34.35 PM.png

Looking at the daily chart, we can see it’s broken below the 21 day EMA. The next major support sits just above $3,600 on the 50 day MA.

Screen Shot 2019-03-04 at 12.34.52 PM.png

Zooming all the way out on the weekly chart, we can see just how bearish the market still looks. I pointed out last week the tightening of price within what looks like a larger bearish pennant.

Screen Shot 2019-03-04 at 12.35.59 PM.png
Screen Shot 2019-03-04 at 12.49.45 PM.png

In today’s video analysis I discuss, where price may be heading over the coming days and months. I also review key areas to watch, possible trade entry and exit points, traps to avoid 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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Twitter handle is @Workin2005 and Facebook is https://www.facebook.com/Workin2005

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