Bitcoin Technical Analysis: Still Pounding on Resistance
Bitcoin has been pounding on the $4,000 resistance these past 4 days. Daily volume remains relatively strong at about $9.3 billion.
Zooming in on the 4 hour chart, it appears a bull flag is forming. We’re also seeing hidden bullish divergence on the 4 hour MACD. This suggests a break up to test the upper portion of resistance around $4,120 (on Coinbase).
In todays analysis I discuss, key areas to watch, where price may be heading next, traps to avoid and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) or Steemit in order to watch.
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
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Excellent TA Workin! Sure would be nice to see some decent price movement backed by volume. It's getting closer.
Thanks my friend. It’s gettng there.
I shorted LTC last night... it looked like it was ready for a retrace according to EW and according to resistances and support, already 10% in the profit. With SL in the profit
Haha, well that was random...but I’m glad to hear it my friend. ;-)
If we’re sharing, I’m up about 15% in XTZ...just closed half my position. Should close it all, but felling greedy.
Yeah, I know the greedy feeling, I had a couple of those, some did me good others did me bad xD BTW, look into VET, it seems that it's ready to make another leg up, I'm not in it, even though I do have a large VET position in my portfolio.
I hold a decent position in VET. No plans to sell.
I honestly think we have reached a bottom and price is forming a rounded base. $4500 is my line in the sand, we break that, we are going higher.
I can see a possible bull trap forming as well. $4,500 sounds about right...but I’d need to see at least a week of consolidation above before calling a bottom.