Bitcoin continues to trade within a smaller and smaller range. It was unable to decisively break above the $6,360 resistance. It’s now falling and looking for support. I wouldn’t be surprised to see a bounce somewhere between $6,300 and $6,250.
The daily RSI is also getting squeezed within a larger wedge, showing a series of lower highs and higher lows. This suggests a larger move to come over the next month.
The weekly chart reveals the Bollinger bands continuing to bottleneck, as well as the 8, 21 and 55 day EMA all converging. This also suggests a larger move to come.
Zooming out on the monthly chart (in LOG scale), we can see price is coming up against the larger ascending support line that’s been in place since late 2011. The bull in me says we may get a very explosive bounce off this support sometime in the second half of November.
In today’s video analysis I discuss, where price may go from here, how I’m trading the market, traps to avoid and so much more. I hope you find it helpful.
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!
Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing.