Bitcoin has been showing signs of strengthening over the last 48 hours. It tried to break above the key $4,400 resistance, but was rejected. It’s currently trading around $4,170.
Looking at the daily chart, we can see price broke above the 8 day EMA where it’s currently finding support.
Zooming out on the monthly chart, we can see price has dropped back to an order block created in fall of 2017. If the monthly candle can close at or above this area, I believe we may be ready to test $5,000 again. A close below may signal further downside to follow.
In today’s video analysis I discuss where price may be heading next, 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.
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