Bitcoin has dropped back into a known support zone between $3,400 and $3,250. It tried breaking above $3,400 again, but has been unsuccessful as of writing this update. If $3,400 continues to act as a strong resistance, I believe price could quickly fall below the $3,250 support.

EOS has fallen to the $1.85 support. It’s currently trading just on top of that area at around $1.87. If price drops below $1.72, we could see a quick drop to $1.25.

In today’s video analysis I discuss, where the bottom may be, price movement in the short term, traps to avoid and so much more. I hope you find it helpful.

Video Analysis:

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

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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Responses

    1. Workin2005 Post author

      Don’t be sorry for asking a question. Areas of support and resistance are determined a few different ways. The most common is by simply looking at past performance on varying time frames. If you see a particular price point that is continuously hard to break above or below, traders will view it as resistance or support. There’s a lot more to it…but that’s a simplistic explanation.
      I look at volume, how price reacts (does it bounce or just sit there), is it noticeable on both high and low time frames, is it associated with a key Fibonacci level, is it a hard support/resistance or soft (are wicks breaking through or not?), etc. Hope that helps.

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      1. Ian Jeffreys @DNAian

        Hey thanks! I know there are a bunch of tutorials out there and when i have some more time I’ll look at them. But you may want to consider putting some tutorials or your Trybe blog posts. It can also promote Trybe at the same time. I know what the Fibonacci sequence is and how it is seen in nature but now I have to go look up Fibonacci levels in trading lol. cheers mate!

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