Bitcoin had been consolidating within a larger wedge since November 20th. Today it broke down and out of that wedge. It found support right on top of the prior support zone between $3,800 and $3,600. If price breaks below this zone, we could see a quick drop to at least $3,400.
This latest drop could be a bear trap. Shorts are outpacing longs by about 30%. If this gap gets much wider, we could see a massive short squeeze.
In today's video analysis I discuss, where price may go from here, key areas to watch 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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Sound advice.
And the layout and image worked great. Thanks Workin.
TIMM is coming along well...Excited!
Will you be doing an EOS technical analysis? That thing is starting to get ugly!
Ugly indeed. I've been pressed for time recently. When I do get a chance to put out analysis, I just focus on BTC. I hope to be back into the full swing of things by January.
EOS, like most altcoins, is following btc. It just broke below the $2.45 support. Next major area of support lies at $1.85. I'll likely buy a little at that level if it gets there.
I think it will down to 2500$
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