Bitcoin has been showing signs of strengthening over the last 48 hours. It tried to break above the key $4,400 resistance, but was rejected. It’s currently trading around $4,170.

Looking at the daily chart, we can see price broke above the 8 day EMA where it’s currently finding support.

Zooming out on the monthly chart, we can see price has dropped back to an order block created in fall of 2017. If the monthly candle can close at or above this area, I believe we may be ready to test $5,000 again. A close below may signal further downside to follow.

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. Workin2005 Post author

      Thanks @el-asyi. To answer your question, I think this is a very logical time to dollar cost average into bitcoin if you’re planning to hold for at least a year. If price goes lower you can add to your position, averaging down your purchase price. The safest play is to wait for the trend to change…but that obviously has less upside potential. It really depends on how much risk you’re comfortable taking.

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  1. Adil Elias

    Crossing fingers it holds. Although to be honest, at this point I try to not check the price on a daily basis but rather just waiting for when the institutional money comes in.

    Thanks for the updates man!

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