Disclaimer: This is a day old due to issues on Steemit. Still very relevant in my opinion....
Bitcoin broke below the $6,540 support level. Yesterday I told you if price did break down, it should find support around $6,400. As of now, that’s exactly what’s happened. The larger pattern looks all too familiar.
In today’s video analysis I look at Bitcoin, EOS, Ethereum and Ripple (XRP). I discuss the bigger picture, where each coin may go from here, traps to avoid and MUCH more. Below I’ll post key areas of support/resistance for each of these cryptocurrencies. I hope you find it helpful.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
Bitcoin Key Areas of Support/Resistance:
EOS Key Areas of Support/Resistance:
Ethereum Key Areas of Support/Resistance:
Ripple (XRP) Key Areas of Support/Resistance:
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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by Workin2005
I think that something has to give… While the trend is clearly lower, I think in these times of uncertainty is when fundamental analysis helps. I think that fundamentals points to continue demand for bitcoin in the longer term which would support a bounce sooner rather than later. However, I also believe that a big capitulation event should occur first to establish a true bottom; not what we see here with multiple $6k supports… It will not be for the faint of heart…
I agree...fundamentally, Bitcoin should be ready to soar in the very near future. We're seeing the pattern tighten to a point where it can't go on. Something will give. Either we're going to see a major bull break in the next 4-8 weeks, or price is going to crash to the point people are declaring bitcoin dead. If/when the latter happens, you'll know an unprecedented bull market is just around the corner...and I'll be happy to buy the sellers bitcoin.