In my last few video updates, I’ve said if price breaks above the $7,160 resistance, it’d likely rise to the next major resistance/supply zone starting at $7,500. It did breakout, but only made it as high as $7,430 before being strongly rejected. For now, it's finding support on top of the prior $7,160 resistance. Price movement over the last 72 hours has me wondering if we’re in a leading diagonal. If so, we may see price collapse to at least $6,750 over the next 24 hours. I discuss that much more in my video analysis at the bottom of this post.
Shorts have flooded the market...up almost 35% in the last 8 hours alone.
Long positions have remained stable for the most part. This is very interesting.
The massive rejection at $7,430, along with the rising wedge pattern, would suggest a possible large pull back. HOWEVER, total volume remains relatively weak....which means the market is ripe for manipulation. If price collapses with shorts this stacked, retail will make out like bandits. Assuming shorts remained stacked and longs remain stagnate, we could see another push up to liquidate short positions.
In today’s video analysis, I discuss where price may be going in the next few days, market psychology, traps to avoid, my Elliot wave count and MUCH more information not found above. Today’s video is a little longer than others, but I feel it’s necessary to explain what’s going on behind the scenes. I hope you find it useful:
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.
BIAS:
Short Term: Neutral to Slightly Bearish
Longterm: Very Bullish
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
If you found this post informative, please:
Open an Account on Binance here:
https://www.binance.com/?ref=16878853
Support the Crypto Ecosystem with Brave Browser:
https://brave.com/wor485
Twitter handle is @Workin2005 and Facebook is https://www.facebook.com/Workin2005
Published on
by Workin2005
Wow! You always do great work, but this was fantastic! Sounded like you were having fun too. 😉
As always, thanks for your time!
Thanks my friend. I was having fun. ;-)
did notice the shorts rise, and the bithumb volume was unusually high some sort of news there with people able to buy with krw again but price did not move much upward. gdax also only got to 7328 so the rejection there is not as hard.
This Post has received a 100% upvote from RACOBOOSTER/ @rakoo alliance team
100% FREE TO JOIN
Dear friend @workin2005, I hope you are doing fine with steemit so far, I believe we started our journey at steemit last year in the same period. I have learned a couple of ploy things in steem platforms.
consequently, I believe that you can support us with your experience, knowledge and your decent reputation, on the other hand, we will support you as well.
Therefore; @ehabakhdar and @rakoo created RAKOOBOOSTER, a free boost service to increase your post-earnings; if you are a member of RAKOBOOSTER you will receive more upvotes from the rest of the group on your post.
and for this occasion, you will receive a free boost from RAKOOBOOSTER as a demo.
Please feel free to read for more information
Please accept my apologies, if you do not have any interest at RAKOOBOOSTER, we will not send you any disturbing comments in the future.
Thanks
More about #cryptocurrency #bitcoin in these posts:
BNB/BTC Bot Buy Signal 2018.09.02 by moneyroad
EOS Technical Analysis: UNABLE TO BREAK RESISTANCE...YET by workin2005
Latest Bitcoin Price And News Update 2-09-2018 by askquestion
BITCOIN: Probable Bull Count by toofasteddie
Bitcoin Daily Update (day 187) by sawcruhteez
Il this comment you think is useful please consider vote it
Thanks