Yesterday in my video analysis, I discussed bitcoin testing the $7,800 resistance. I told you if price broke above, it would likely quickly rise to the bottom of the $8,400 resistance zone. Today, price did break above and quickly rose to $8,360 before finding resistance.
It’s no coincidence price found resistance at that zone as it's exactly the 0.618 fib level from the larger swing high. (I discuss this in my video analysis below)
The 21 day EMA has risen slightly above the 55 day EMA on the 1 day chart. We now have a the very bullish setup of the 8 day EMA on top, 21 in the middle and 55 day EMA on the bottom.
The 1 day RSI and Stock RSI are both overbought, signaling a possible pull back. Should that happen, I’d be looking for a correction back to $7,900-$8,000.
My bullish count has the 5th wave reaching $8,750. We need volume to continue increasing if this is going to play out.
Watch my video analysis for MUCH more detail not found above. If you’re not watching my videos, you’re only getting half the story.
If you’re viewing this on a site other than Steemit, and you don’t see the below video, navigate to Steemit in order to watch.
Video Analysis:
BIAS:
Short Term: Slightly Bullish
Longterm: Very Bullish
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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by Workin2005
