Bitcoin is down nearly nearly 2% today as price dropped below the $3,800 support. It’s currently trading around $3,700 on Coinbase. This move was not unexpected as we’ve been watching price consolidate for nearly a week.

Looking at the daily chart, we can see it’s broken below the 21 day EMA. The next major support sits just above $3,600 on the 50 day MA.

Zooming all the way out on the weekly chart, we can see just how bearish the market still looks. I pointed out last week the tightening of price within what looks like a larger bearish pennant.

In today’s video analysis I discuss, where price may be heading over the coming days and months. I also review key areas to watch, possible trade entry and exit points, 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

Published On TIMM:

 

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Responses

  1. James Diegel

    Yup… just sitting, waiting, wondering, curious to see the next move at present… resolved that right now the best thing is to wait and see where we end up upon completion of the wedge. Thanks as always Workin’. A nice check and balance Trybe has here with you 😉

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