I apologize for the lack of updates over the past week. I’ve taken a break from trading and posting to fix up a place we own down south. It ended up being a MONSTER project. Much bigger than anticipated. Anyway, let’s get to the analysis....
Bitcoin has finally flatlined. In my last update, I discussed how market makers were running out of guppies. Retail investors were getting wiser...unwilling to continue to fall for the same manipulation. This resulted in price trading in an increasingly narrower range, until eventually it has nearly flatlined.
Zooming in, we can see it’s currently training within a small wedge.
The 1 week RSI and MACD are also nearly flatlining.
The 1 week chart shows the Bollinger bands bottlenecking (narrowing), as well as the 8, 21 and 55 day EMA converging. This suggests a larger move may be looming over the next few weeks.
In today’s video analysis, I discuss where price may go from here, how (or if) to trade this market, traps to avoid and MUCH more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/@workin2005) 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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by Workin2005
Great analysis!!
Hope your monster project got finished
Thanks. Unfortunately, it's not done yet. Have you seen the old Tom Hanks movie, "Money Pit"? That should give you an idea of what we're dealing with...haha
Agonizing days 😂😂😂
Posted using Partiko iOS
Yes sir...;-)
Definitely building up to something bigger. That Bollinger squeeze, the tapering triangle, the flat market and low volatility, the little breakout from the triangle - it's all pointing to an exciting end-of-year for crypto! Hopefully it's the good kind of exciting!