Looking at the big picture, we can see bitcoin continues to get squeezed within a tighter and tighter range. This suggests a new trend should be established by the end of November, but no later than mid December.
The monthly LOG scale chart reveals price has nearly reached the larger ascending support line. This also suggests a new trend should be established in the next month.
Zooming in on the daily chart, we can see price has been unable to decisively break above the $6,340 resistance over the last few days.
In my last EOS update, I told you to watch for a bounce between $5.33 and $5.30. Price bounced nicely just below that zone at $5.29. EOS is now hovering around $5.45.
In today’s video analysis I discuss where price may be heading next, critical areas to watch, traps to avoid 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.