Bitcoin broke below the $3,600 support (on Coinbase). It’s now testing the prior order block between $3,580 and $3,540. Should this break down decisively (4hr candel opening and closing below), I believe a drop to $3,400 will become likely.

Looking at the 4 hour chart, we can see the 8, 21 and 55 day EMA’s are converging with the 50 and 200 day MA. The Bollinger bands are also bottlenecking. This suggests a larger move may be coming in the next 24-48 hours.

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

Published On TIMM:

 


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    1. Workin2005 Post author

      I agree…overall sentiment seems to be improving. We’re also seeing signs the end of this bear market may be near. The mainstream media has stopped taking about Bitcoin. We’re seeing evidence of coming adoption as the SEC continues to hint about ETF approval in the “near” future and major apps like Square are planning to integrate BTC via the Lightning Network. Still, we’re not out of the woods yet.

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