Bitcoin has broken below the $6,360 support, which now seems to be acting as resistance.

EOS broke down and out of a bearish, ascending broadening wedge. It looks as though it may drop to at least the $5.26 support.

In today’s video analysis I discuss, where price may be heading next, traps to avoid and so much more. I hope you find it helpful.

Video Analysis:

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

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing. 

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Responses

  1. Miguel A. Cabanes

    So, if it reaches 6235$ is it a good moment to enter position also? Yesterday I got the fear when I heard in your previous article that maybe if it exceeds that support, it will go down very low.
    Maybe I’m understanding it wrong.
    Healthy sign for EOS at 5.30$ support, ok!
    Regards!

    (1)
    1. Workin2005 Post author

      My buy zone is between $6,235 and $6,115, with a stop loss at $6,020. If bitcoin drops below $6,040, I think there’s good chance it’ll test the prior 2018 low around $5,775.
      Once bitcoin breaks out of this range and establishes a new trend, going in heavy will make much more sense. Until then, I’d play it safe and protect your capital. Personally, I’ve got 30% of my portfolio allocated to various long term holds. The rest is mostly in fiat, waiting for a new trend. Small scalp trades here and there…but nothing significant.

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  2. Jungle Onion

    Great video! I personally like to use the ichimoku cloud when trading. It shows a very flexible support and resistance and we can obviously see how resistance rejected Bitcoin’s price off the cloud. Eos is sitting above it so it could mean it wants to keep going up. These 2 months, November and December will be critical because Bitcoin’s price will meet the 10 year trend line that if crushed, that will really mean we enter a bear market.

    (1)
    1. Workin2005 Post author

      Thanks. I’m not a fan of the ichimoku cloud, but we all have our own technique I suppose. I know other people swear by it.
      I agree…a bounce off or break below the larger trend line will likely set the new trend we’re all waiting for. Looks to me like that should happen by the end of November or early December.

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  3. helmibireuen

    I see this is an effort to continue to provide a good understanding for the whole community about how the movements of some Coins are being repaired and sometimes this is just an example of the many Analysis and predictions made from there, hopefully your article becomes an interesting learning material for all communities. Thanks for you Sharing @workin2005

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