Bitcoin Technical Analysis: QUICK UPDATE

Bitcoin broke below the $3,600 support (on Coinbase). It’s now testing the prior order block between $3,580 and $3,540. Should this break down decisively (4hr candel opening and closing below), I believe a drop to $3,400 will become likely.

Screen Shot 2019-02-12 at 11.17.59 AM.png

Looking at the 4 hour chart, we can see the 8, 21 and 55 day EMA’s are converging with the 50 and 200 day MA. The Bollinger bands are also bottlenecking. This suggests a larger move may be coming in the next 24-48 hours.

Screen Shot 2019-02-12 at 11.19.02 AM.png

In today’s video analysis I discuss where price may be heading next, traps to avoid and so much more. I hope you find it helpful.

Video Analysis:

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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