Bitcoin has reached a critical resistance/supply zone between $7,030-$7,160. A break above this zone may trigger a quick rise to at least $7,500. As of writing this, price reached as high as $7,120 before being pushed back down to $7,050. The bulls are demonstrating a fair amount of strength...for now. The problem remains volume. Yes, we’ve seen a very small uptick, but NOTHING like what we need to see for a sustainable bull run.
Looking at the 4 hour chart, price was able to rise above the 200 day MA. This is another bullish sign of strength.
In today’s video analysis, I discuss what to expect in the short term, traps to avoid, possible bearish setups and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
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: Slightly Bullish
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
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by Workin2005
if there was going to be a dip, it was going to happen when those ETFS were rejected. Heavy support about 6k
Everyone's waiting on the Sept 30th ETF decision. The others were already baked into the price as they were expected to be rejected.