Trybe TV – Bitcoin Technical Analysis: MARKET OVERVIEW – by Workin
As of writing this, bitcoin is fully controlled by bears. It’s broken below numerous key areas of support. Currently it seems to be finding some support near the bottom of the $3,800-$3,600 support zone. It was unable to decisively break back above $4,000. The next area of support lies between $3,400 and $3,250. If price decisively breaches $3,600, expect a drop to at least $3,400.
The 1 week RSI is nearly oversold. Anything below 25 on the weekly RSI is a decent place to dollar cost average into a long position. That said, don’t go heavy. Things may well get uglier before they get better, but I do believe they will get better…MUCH better! I stand by my statement that Bitcoin will be at all time highs by fall of next year.
In today’s video analysis I give an overview of the current market, discuss where price may be heading next, trading strategies 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: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing.
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