Tell me if this sounds familiar….
Bitcoin drops to $6,000 (approximately). Retail takes their short positions. Bitcoin rallies and shorts get liquidated. Everyone declares the bottom is in. Bitcoin rises somewhere between the 0.5 and 0.618 fib level of the prior high. Bitcoin crashes again to around $6,000. Repeat.
This pattern has been going on for 9 months. While there are some differences this time, I continue to encourage people to be cautious. Until price takes out the prior high…or at least rises above the 0.618 fib ($6,950 in this case), bitcoin generally remains in the bearish pattern it’s been plagued with for all of 2018. That said, if you watched my bitcoin analysis yesterday, you know this pattern will likely get broken in the next 4-5 weeks at most.
In today’s video analysis, I discuss the short term price movement of Bitcoin, EOS and Ethereum. Below today’s video, you’ll find key support/resistance areas for each coin. I hope you find it helpful.
Bitcoin Key Areas of Support/Resistance:
EOS Key Areas of Support/Resistance:
Ethereum Key Areas of Support/Resistance:
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: This is NOT financial advice and I am NOT a financial advisor. Please always do your own research before investing.
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