Bitcoin once again tested the $7,500 support yesterday. Bulls successfully defended it for a third time in the last 6 days. Predictably, price jumped to nearly $8,100 where bears once again defended resistance. This latest bounce happened on very little volume. This continues to suggest many traders are either sidelined or holding, waiting for a larger move.
Price has been unable to decisively (daily candle open and close) break above the 21 day EMA....which is now confirmed resistance. A decisive break above would be significant in my opinion.
Zooming in on the 4 hour chart, we can see the 8, 21 and 55 day EMA’s converging, as well as the 50 and 200 day MA. The Bollinger bands are also bottlenecking. This suggests a larger move may be coming in the next few days.
In today’s video I analyze Bitcoin, EOS, BNB, LTC, ETH, BAT and XRP. We’ll discuss where prices may be heading next, key areas to watch, buy and sell targets 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: This is NOT financial advice.
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